Token approval
In short
A token approval lets a smart contract act on your behalf over certain tokens — needed, for example, to trade on a DEX. Unlimited approvals are convenient but dangerous: a malicious contract can use one to drain everything.
Many wallet thefts run not through stolen keys but through abused approvals. The rule of thumb: approve only as much as needed, avoid unlimited approvals, and revoke old ones via official tools.
How do I see and revoke approvals I've granted?
Official approval checkers for each blockchain let you view and revoke active approvals — checking regularly is worth it.
Related terms
Information, not investment advice. More of this? The newsletter.