Crypto Know-How 📚 Token Approvals
Before swapping ERC-20 tokens on a decentralized exchange, you usually need to sign an approval first, allowing the contract to use that token in your wallet.
If the approved contract has a vulnerability or is malicious to begin with, tokens of this kind in your address could be transferred away.
Me in the past: Jump in first, figure it out later. Me now: Understand the rules first.
Market context: $ETH is currently at 2424.87 (24h +4.44%).
This is just my personal opinion, not a basis for buying or selling.
Before swapping ERC-20 tokens on a decentralized exchange, you usually need to sign an approval first, allowing the contract to use that token in your wallet.
If the approved contract has a vulnerability or is malicious to begin with, tokens of this kind in your address could be transferred away.
Me in the past: Jump in first, figure it out later. Me now: Understand the rules first.
Market context: $ETH is currently at 2424.87 (24h +4.44%).
This is just my personal opinion, not a basis for buying or selling.
