Approval Contracts are a common feature when interacting with DApps, granting third-party access to specific assets in your crypto wallet.
Typically, smart contracts default to an Unlimited setting, allowing users to grant platforms permission to spend tokens without a cap. For specific transactions, users can set the allowance to match the exact transaction amount. This Unlimited option reduces the frequency of granting permissions and eliminates additional fees for exceeding set authorization limits.
Benefits of Unlimited Approval
Users enjoy the convenience of a one-time allowance confirmation. This saves both time and gas fees, with the approval automatically extending to subsequent transactions.
Understanding the Risks of Unlimited Approval
Granting Unlimited approval exposes users to two primary risks: malicious projects and vulnerability exploits. These risks potentially allow phishing DApps and hackers to misuse approved tokens for various unauthorized activities.
To enhance user safety, CoolWallet introduces the feature to set limits on approval amounts during the contract signing process.
Reclaim Control: Revoking Unlimited Approvals and Permissions
Already granted Unlimited Approval? Regain control and secure your wallet by revoking these token approvals and permissions:
1. Access and Revoke: Navigate to CoolWallet’s Web3 Browser and select “Revoke.Cash”.
2. Review Approvals: Connect your wallet to review current Approvals
3. Reset Approval Limit: Modify the approved amount and re-sign the Approval Contract. (Note: An on-chain fee is applicable for re-signing.)
