Coin98 Exchange now supports the Wallet Approval tool, revokes token allowances from dApps on all supported Blockchains, and protects users from potential loss risks.
In order to trade, farm, stake, or interact with any dApps, users are required to allow smart contracts to access your assets. There are 2 approaches to allowance: Allow for a specific amount of tokens and unlimited approval.
- Allow for a specific amount of tokens: Users give access to a particular amount of tokens for smart contracts of DApp. It can not exceed the maximum tokens that you grant.
- Unlimited approval: It means that users provide a smart contract with full permission of your funds.
Unlimited approval brings them a fast and frictionless experience; however, it might potentially affect the risk of asset loss if users interact with untrustworthy platforms or scamming pools.
It is recommended not to grant unlimited access to a platform to keep your funds safe.
Step 2: Select Wallet Approval on the main screen to start revoking token.
Step 3: Click to a wallet you often interact with DeFi services.
Step 4: In this interface, you can revoke the permission of any desired contract by clicking on the [x] icon.
Step 5: Click Confirm for completion and wait for seconds. All done!
Once completed, the system will display a message in the lower right corner of the screen.
- This revocation will take you a small network fee; please ensure you have enough parent tokens on the wallet.
- You can choose any wallet that interacts with the DApp to experience the Wallet Approval feature by clicking on the default wallet area.