What are token approvals?
Token approvals refer to authorizations granted to dApps that you interact with, which allow them to access specific tokens in your cryptocurrency wallet. These assets will then be used for the dApp’s features and services, whether it’s purchasing an NFT or earning rewards via staking. You usually only have to complete a token approval once.
How can approving a dApp’s access to specific assets in my wallet be risky?
All dApps require you to grant them approval before they can access the assets in your cryptocurrency wallet. Should a dApp experience a security breach such as an allowance exploit, your tokens will be at risk because of the authorizations granted previously.
Disconnecting your wallet from the dApp does not fully safeguard your assets, as your token approvals are still active. Having active token approvals means that your assets can be seized without the hackers needing to access your private keys.
How can I manage and revoke token approvals in the Crypto.com DeFi Wallet?
Managing your token approvals in the Crypto.com DeFi Wallet can all be performed in a single menu. It takes just seconds to revoke the approval for your assets. Here’s how:
Step 1: In the DeFi Wallet’s Settings page, tap Approvals under the Web3 Connection section
Step 2: Tap on the dApp that you wish to manage
Step 3: Tap Revoke on the token that you wish to revoke approval for from the dApp
Step 4: Review the transaction’s details before tapping Confirm. Please ensure that you have sufficient funds in your wallet to settle the estimated network fee shown.
Step 5: A notification will be shown when you have successfully revoked your token’s approval.
Please note that all contract addresses shown above are for demonstration purposes only and are not legitimate addresses.
How do I view my history of token approval revocations?
This information can be found in the Transaction History menu in the DeFi Wallet’s Settings page:
How many blockchains does this feature support?
Token approvals are currently supported for dApps built on the five blockchains listed below, with more to come soon.