COINTOOL VELAS APPROVAL CHECKER

Below is an Iframe of an external tool for revoking contracts from your wallet. Please see notes below to understand the meaning and importance of revoking permissions

Note: smart contract allowances are different from simply connecting your wallet to a dapp. For information on disconnecting your wallet from dapps.

 

Smart contract/token allowances, also referred to as approvals, involve you allowing dapps to access and move tokens in your wallet on your behalf. When you use a DEX (decentralized exchange), for example, you’ll need to sign an approval that allows its smart contract to take tokens to complete your requested trades. Whilst this sounds inherently risky, bear in mind that giving dapps at least some allowance is always necessary. If you want to use Web3, you won’t be able to avoid them. 

 

Revoking approvals vs. disconnecting apps: what’s the difference?

It’s easy to confuse these two processes, but they are fundamentally different:

  • Disconnecting your wallet from a dapp involves cancelling permission for it to see your public address and your token balances, and, depending on what you originally consented to, stopping it from initiating transactions (although not executing them) and viewing past activity. 
  • Revoking an approval/allowance means a dapp can no longer access the contents of your wallet and move them around.