The approval detection tool TP Approve has added support for five new chains: Polygon, Arbitrum, Fantom, Avalanche, and OKTC. It now supports a total of 8 public chains including Ethereum, BSC, and Tron for approval detection.
What is Approve?
Approve, means granting a third party access to a portion of your assets which can be an ordinary personal account or a contract account without revealing your private key or password to them completely.
For example, if you use a decentralized finance (DeFi) application, you may need to approve your wallet for the application to perform transactions on your behalf. During this process, your wallet generates a special digital signature that proves you have approved the application to execute specific actions. However, it doesn’t mean that the application can freely control your wallet or access all your assets unless you have explicitly approved it.
This process is usually implemented through smart contracts, which are self-executing programs running on the blockchain. Once approval is granted, the smart contract can perform specific tasks on your behalf, such as transferring assets, but only within the scope you have approved.
What scenarios will use Approve in the process of using the wallet?
The ordinary transfers won’t ask the Approve in the process of using the wallet; Only when it involves interacting with the contract (DApp, DeFi, etc.), the Approve operation will be performed when the contract needs to be approved. Therefore, when you are in the process of using the wallet, and the following interface appears, you are asked about the Approve. You must be more careful and confirm whether the current link you are visiting is safe and credible. If not, stop operating!!
How to manage/cancel the Approval?
TokenPocket has officially launched the approval verification tool TP Approve. With the support of OKLink and Go+, it has added support for approval verification on five new chains: Polygon, Arbitrum, Fantom, Avalanche, and OKTC. Currently, TP Approve supports approval verification for a total of eight chains: Ethereum, BSC, TRON, Polygon, Arbitrum, Fantom, Avalanche, and OKTC.
1. Open TokenPocket, click [Discover], and enter Approval Detector or copy and paste https://approval.tptool.pro/ on the search bar.
2. Approval Detector will directly connect to your current network. You can enter your wallet address to query.
Approval Detector now supports querying the tokens and NFTs’ approvals, you can also switch to the dark mode.
What you can query through the Approval Detector?
1) The approved contract address and you can click to view the on-chain data.
2) Approval Amount. (Usually, the default is unlimited.)
3) Approval Time.
4) The approval hash, you can click to view the on-chain data.
3. When you click [Cancel Approval], a reminder of executing the approval operation will pop up. Click [Next], and click [Transfer].
Attention, any operation on-chain needs to pay the gas fee, and it’s charged by the public chain.
4. After you confirmed the transaction, you will see the [Unapproving] reminder, when the data execution is completed, the a will be automatically cleared.
5. It is recommended to regularly check the approval status to ensure the security of your assets.
How to prevent Approve Scams?
- Don’t play DApps from unknown sources, don’t play DApps have no open-sourced, and don’t play DApps have no audit reports and are not from trustable teams.
- Regularly use DeBank, Cointool, and other tools to cancel the approval.
- Create a new wallet. After the approval and other operations are completed, transfer the Token to the new wallet address, which is relatively safe because there is no approval history (Attention: the cancel the approval doesn’t mean absolutely safe, there is no tools on the market that can guarantee a complete cleanup.)
OKLink is a Web3 data analysis platform that provides blockchain browser queries, retrieval, and analysis services for over 20 public chains, including BTC, ETH, and Polygon. OKLink has launched the BRC20 browser and supports BRC20 API-related data services.
About Go Plus:
GoPlus Security serves as the “security infrastructure” of Web3, providing open, permissionless, and user-driven security services. GoPlus’ security engine covers multi-dimensional risk detection across multiple chains, providing a safer on-chain ecosystem for cryptocurrency projects and ordinary users.