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Cancel Account Allowance Approval in BSC User Guide
How to cancel account allowance approval in BSC in ONTO Wallet
Note: Download ONTO Wallet first.
What is approval?
Approve means that when users use dApps to transfer token assets, they should grant a certain number of token management rights to dApps, and then the dApp will transfer the approved number of assets.
Why do we need approval?
Because when dApps uses smart contracts to transfer, it requires users to approve smart contract to transfer user's assets to use dApp normally. After approval, it will not necessarily execute asset transaction, but only approve an operation permission to the target contract.
ETH, BNB on the Binance Smart Chain and HT on the Heco Chain are native assets on the chain, they do not require any approvals for smart contract transfers. Standard protocol tokens such as ERC-20, BEP-20 and HRC-20 require approval for smart contract transfers.
How to check approval records？
Under the "Tools" section of ONTO's "Discover" page, you can find "Token Authorization Search", "Approved Zone " or "Approve.sh" dApps to manage approvals and protect your assets.
Take "Approve.sh" as an example.
- 1.Search “Approve.sh” in “Discover” page and enter it. Once open, all dApps authorized by current address will be displayed., click Edit to modify.
2. You can choose to set the token upper limit that allows dApp to use or directly click Decline to cancel the authorization.
3. Enter 0 and click Done, or directly click Decline. After confirmation, the authorization will be cancelled.
Approval Notes
1.Confirm the permission category
Users need to confirm what kind of permission the dApp applies for, and then decide whether to approve or not. If the dApp applies for permission maliciously, it must be decisively rejected.
2. Control the number of authorized tokens
In order to avoid users to approve repeatedly, dApp developers usually set the maximum number of approved tokens to smart contracts by default. If there is a vulnerability in the smart contract or the contract administrator is evil, the user's tokens will be at risk. So when a dApp applies for token approval, users need to understand the approval information and control the number of approved tokens to reduce the risk if necessary.
Last modified 1yr ago