Why are the token approvals are very important and how can we revoke them?

Why are the token approvals are very important and how can we revoke them?

When we use dApps like Uniswap, Opensea, 1inch etc. we have to grant them a permission to be able to use our tokens. This gives them a permission to spend our tokens and it is called "Token Approval".

By granting third-party contract access to our tokens, we can take part in these services without having to move our tokens. This makes easier for us to spend our tokens in third-party platforms.

However, If we don't revoke these approvals and the platform get hacked, we can lose our tokens forever. The platform can spend our tokens either.

Check this page: https://revoke.cash/exploits

While the token allowance permission is an important part of the DeFi space, it is important to understand the risks associated with it and take steps to protect our wallet.

So, how to protect our wallet? There is two good options:

1. Block Explorer -> Token Approvals section
2. Revoke Cash

Some Block Explorers have "Token Approval" section and we can see our approvals and revoke them but they don't show all the approvals we gave. They just show approvals for a spesific blockchain.

Another option is Revoke Cash. So, how to check token approvals with using Revoke Cash?

- Open http://revoke.cash
- Connect your wallet

It will automatically show the token approvals you gave to third-party platforms.


How to revoke approvals with Revoke Cash?

After connecting to the platform, we can see the permissions we granted to various smart contracts and the token approval amounts we gave.

If we want to revoke permissions, all we need to do is click the "revoke" button and confirm the transaction in our wallet.



If we prefer to change the spending limit instead of revoking the permission entirely, we can do so by clicking the icon in the "approval amount" section to adjust our limit.

Thanks for reading :)

I am Emin, a Junior Blockchain Developer who is passionate about decentralized world. I make contents about web3 and blockchain. If you like my contents, you can react to my articles and follow me for more :) Thank you!