We are often required to "approve" when using DApps, especially DeFi products. So what is "approve"?
To "approve" is to grant authorization for other addresses and contracts to transfer our assets without prior notification.
Usually speaking, we need to use private keys to sign the transaction before we can transfer our assets out. This authorization process guarantees that the assets are being sent by us. However, since DApps involve frequent interactions, users are often required to give their "approval" for transferring an unlimited number of tokens. While this has streamlined the process, it comes with certain risks.
How to tell if the approval is safe?
- See if the product is open source. If it's open source, users can better understand the permissions they are about to grant. To be more specific, they get to know in what situations the product can move their assets.
- See if the product is audited. Products that have been audited are generally safer than those that have not.
TronLink will alert users about the possible risks involved before they grant approval. Please check the information thoroughly to avoid asset losses.
To view or cancel any prior approvals you've given, go to "Wallet Management" > "Approval Management".