What is token approval?
Before exchanging ERC-20 tokens on a decentralized exchange, you generally need to submit an approval transaction to allow the relevant contract to transfer those tokens on your behalf. Revoking approval is also an on-chain transaction and requires a small Gas fee.
Approval is like giving someone a letter of authorization to deduct funds from your wallet: the higher the limit and the longer it lasts, the greater the potential risk.
Market data at the end: $ETH Current price: 1768.19 (24h -8.63%).
#ETH
Before exchanging ERC-20 tokens on a decentralized exchange, you generally need to submit an approval transaction to allow the relevant contract to transfer those tokens on your behalf. Revoking approval is also an on-chain transaction and requires a small Gas fee.
Approval is like giving someone a letter of authorization to deduct funds from your wallet: the higher the limit and the longer it lasts, the greater the potential risk.
Market data at the end: $ETH Current price: 1768.19 (24h -8.63%).
#ETH