When interacting with a dapp (decentralized application), you’ll often need to approve a token before completing a transaction. This approval allows the dapp’s smart contract to access your tokens.
By default, many dapps request unlimited token allowances, which can pose a security risk. If the approved smart contract is ever compromised, an attacker could potentially drain your entire token balance.
To stay safe, you can set a limited token allowance using Zerion, just enough to cover your current transaction. This gives you more control over your assets and minimizes potential loss in case of a smart contract exploit.
This guide shows you how to edit token allowances in the Zerion extension. Editing token allowances is not currently supported within the Zerion mobile app.
Editing Token Allowance in the Zerion Extension
When you're prompted to sign an approval transaction:
Click Edit next to the amount allowed to be spent.
Enter the exact amount you'd like the smart contract to be able to spend.
Click Save, then Submit the transaction.
The smart contract will only be able to spend the amount you've approved, nothing more.
Revoke Token Approvals
You can revoke previously granted token approvals at any time using Revoke.cash.
This is a good practice for maintaining security, especially if you're no longer using a particular dapp.