How Go Pocket can save your ass on risks of smart contract approval?

What is smart contract approval?

When users interact with the smart contract, the contract often asks for approval of certain tokens.

Why is smart contract approvel risky?

As mentioned above, once the contract is approved, it can transfer the corresponding tokens out from your account directly without the permission of private key (Note that the approval process is signed by users’ private key already). Thought it depends on how the smart contract code is written when it comes to the specific token amount and time for transfer.

How to deal with smart contract approval risks?

  1. Learn to approve smart contract correctly. Only allow contracts that you absolutely trust and requiring frequent use for unlimited approval. For newly launched Dapps, we recommend to only approve the required token amount each time for the seek of security.
  2. Clear up your approval history, or directly transfer the remaining assets to a new account.

Go Pocket smart contract approval management feature will be RELEASED soon

Through the contract approval management feature in Go Pocket, you can view which Dapp has been approved for which tokens and quantities, so that users can cancel smart contract approval or reduce authorized token amount directly from your crypto wallet.

Go Pocket is a new generation multi-chain wallet that provides security safeguard for DeFi, NFT and GameFi users