Revoke is a Token Approval tool, used to track any authorization/approval of funds in a user's wallet. Is it important to use Approval Tokens for investors?
Table of contents
- What is Revoke?
- When did the Approval token get attention?
- Revoke wallet address is important?
- Revoke User Guide with Metamask Wallet
- Other Token Approval Tools
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1. What is Revoke?
Revoke is Token Approval tool, used for 3 purposes as follows:
- Track all the activity that the user has allowed/approved to use the coins in the wallet.
- Revoke/remove access to the wallet of that app/website after using it.
If you do not want to withdraw, the user can limit the amount of money that dApp can access / use. In addition, Revoke also stores the name of the dApp along with the wallet address of the user at that dApp. Simply put, you can see Aave, Uniswap, and Sushiswap instead of wallet addresses at these dApps.
2. Since when did the Approval token get attention?
The cryptocurrency market in general and the DeFi market in particular are currently developing and spreading very quickly along with more and more investment and job opportunities. But, accompanied by the risk of losing money, scams, scams, .. appear equally many.
Every time you deposit a specific amount on a certain dApp, you will have to set an allowance for the exact amount that that dApp has access to.
However, there are some applications that require unlimited allowance from the user. When accepting this request, you only need to approve it once without repeating it for the next time.
Setting up the aforementioned unlimited allowance will be less risky when you clearly understand the dApp that is used, or this dApp has been verified. If you encounter unverified applications, you just heard it for the first time, this is not the right choice.
Because the system may encounter bugs, once you have approved the unlimited allowance, the worst case scenario is that both the money deposited in the dApp and the money in the wallet address will not fly. This is also why the Token Approval tools (including Revoke) were born.
To visualize the above theory, I give you an example of allowing access to an ERC-20 wallet address as follows:
In October 2020, John Doe saw a pretty eye-catching dApp called UniCats. After researching on the website, Jhon Doe decided to deposit UNI and received a request "Allow this Dapp to spend your UNI" from Metamask.
Based on previous farm experience, he thought this was normal and approved UniCats to use the UNI number in his wallet. Then he farmed $MEOW, thinking he had earned enough and returned all UNIs to his Metamask wallet.
Unfortunately, UniCats is a scam website and John unwittingly gave them unlimited use of his UNI number. And then he lost a total of 36K UNI ($1M) while sleeping.
If you don't want to be in a situation like John, consider using Token Approval to secure your wallet's assets.
3. Revoke wallet address is important?
Revoke, like other Token Approval tools, will revoke the dApp's access to user-approved wallet addresses. As a result, users will avoid the risks of approving ERC-20 tokens on unfamiliar dApps.
Like in the example with UniCats above, when the transaction is done with the dApp, you can use Revoke to turn off access from UniCats to your wallet. If Jhon had known about Revoke earlier, the incident of losing more than 1 million USD would not have happened.
Or a recent case that also needed to be Revoke was OpenSea, when the project was Exploited, resulting in a total loss of up to 3 million USD.
4. Instructions for using Revoke with Metamask wallet
Step 1: Go to Revoke.cash.
Step 2: Connect Metamask wallet.
Click “Connect” on the right corner of Revoke to connect to the Metamask wallet.
Note: You will have to pay a (not much) fee to use Revoke. If you want to disconnect with a certain dApp, please click "Revoke" at the wallet address you want to cancel. If you want to limit the amount of money that dApp uses, you click "Update" to limit.
5. Other Token Approval Tools
Besides Revoke, I also introduce some other Token Approval tools that you can use to secure your wallet such as:
- Approved.zone
- Tac.dappstar.io
Some other applications have the function to revoke the right to use smart contracts such as:
- Unrekt: Supports smart contracts belonging to ETH, BSC, HECO and Polygon. The application is available on web and mobile.
- BSCscan: Support smart contract belonging to BSC.
- Beefy: Support smart contract under BSC.
- Debank: Supports smart contracts belonging to ETH, BSC, xDai, Fantom, Polygon, OKEx.
- Hyperjump UnRekt: Supports smart contracts belonging to BSC and Fantom
- Polygonscan: Supports smart contracts belonging to Polygon
Alternatively, if users are afraid they won't remember to use the Token Approval tools, they can create a secondary wallet, dedicated to transacting with the dApp. After the transaction is complete, you withdraw all the money from the secondary wallet to the main wallet.
