When was the last time you used a DApp? Chances are, you’ve granted that DApp access to your crypto, possibly even unlimited access. Fear not. Granting token allowances is a common practice in Web3, but it would be wise to consider the potential risks involved.
Allowing unlimited access to your funds can leave you exposed to anyone looking to exploit vulnerabilities in DApp codes. These hacks can result in unauthorized withdrawals and put your crypto at risk. With the rising number of such security breaches, taking control of your token allowances is another touch of security that won’t hurt. Regularly revoking unnecessary allowances to clear DApp permissions will reduce the possibility of this happening to you and protect your wallet from scams so you can enjoy Web3 with peace of mind.
How to revoke token allowances
BlockWallet has created a dead-simple process to revoke your token allowances.
- Navigate to Settings — Account — Token Allowances
- Search for the allowance you wish to revoke by token (ex. USDT, DAI, USDC…) or spender (ex. 1Inch, LiFi, Uniswap…). You may group allowances by spender or token to revoke a specific group of allowances.
- Click Revoke next to the allowance you wish to revoke.
- Confirm the allowance transaction, which resets the token allowance to zero (0).
- Please note that each allowance revoke requires a gas fee.
For those looking to revoke all of their token allowances quickly, use Revoke All. This option consecutively revokes all token allowances in your wallet, eliminating the need to revisit the Allowance page for each action.
To learn more about token allowances and how to use this new feature, visit our guide on How to Revoke Token Allowances.
