Intermediate
Token approval
Also: token approvals, token allowance
Permission you give a smart contract to move a specific token from your wallet.
Approvals are needed to use most DeFi apps, but a malicious approval can let an attacker drain that token at any time. Review and revoke approvals you no longer use.
Related terms
- Wallet drainerMalicious code, often behind a fake website, that tricks users into signing transactions that empty their wallet.
- PhishingTricking someone into giving up passwords, keys or approvals by pretending to be a trusted party.
- Smart contractA program stored on a blockchain that runs automatically when its conditions are met.