Revoke Token - Tool to protect your assets in the dangerous cryptocurrency market

The Web3 and DeFi markets are always full of dangers, causing even veterans to make mistakes with hacks that will go down in history.

The Web3 and DeFi markets are always full of dangers that even veterans make mistakes with historical hacks, losing all their assets with just a few clicks, and gaining knowledge is one of the ways to prevent themself to protect their own assets in this market. Revoke token will be a tool to help protect your assets from the most dangerous and powerful hackers. Let's find out about this tool with Allinstation!

The Web3 and DeFi markets are always full of dangers that even veterans make mistakes with historical hacks, losing all their assets with just a few clicks, and gaining knowledge is one of the ways to prevent themself to protect their own assets in this market. Revoke token will be a tool to help protect your assets from the most dangerous and powerful hackers. Let's find out about this tool with Allinstation!

What is Revoke Token?

What is Revoke Token?

Revoke is the act of withdrawing or canceling the rights that the user has granted to the smart contract to sign transactions, access and interact with assets in the crypto wallet. When performing an action on a decentralized financial application (dApp) such as lending, farming, swap token, the user needs to authorize the smart contract. After the transaction is completed, the user can revoke to cancel the dApp's access rights, ensuring that the applications cannot use the assets without permission.

Revoke is the act of withdrawing or canceling the rights that the user has granted to the smart contract to sign transactions, access and interact with assets in the crypto wallet. When performing an action on a decentralized financial application (dApp) such as lending, farming, swap token, the user needs to authorize the smart contract. After the transaction is completed, the user can revoke to cancel the dApp's access rights, ensuring that the applications cannot use the assets without permission.

The development process and purpose of Revoke Token?

The development process and purpose of Revoke Token?

Paul Berg was the first to recognize the importance of Revoke and described how to do it at Devcon 5. Later, Zapper.fi, Curve.fi, and Uniswap came up with alternative solutions, but they still had many problems such as high costs and limited number of blockchains. Finally, dedicated tools for Revoke like Unrekt, Revoke.cash and Cointool were born.

Paul Berg was the first to recognize the importance of Revoke and described how to do it at Devcon 5. Later, Zapper.fi, Curve.fi, and Uniswap came up with alternative solutions, but they still had many problems such as high costs and limited number of blockchains. Finally, dedicated tools for Revoke like Unrekt, Revoke.cash and Cointool were born.

Revoke has three main purposes:

Revoke has three main purposes:

Why do we need to perform Revoke Token?

Why do we need to perform Revoke Token?

Revoke is an important security measure to prevent unauthorized access to users' cryptocurrency assets and minimize security risks. According to the SlowMist Hacked report, in the first half of 2022, the crypto market experienced 187 security incidents, causing losses of 1.976 billion USD, mainly due to buggy smart contracts or attacks by hackers. Here are three important reasons to perform Revoke:

Revoke is an important security measure to prevent unauthorized access to users' cryptocurrency assets and minimize security risks. According to the SlowMist Hacked report, in the first half of 2022, the crypto market experienced 187 security incidents, causing losses of 1.976 billion USD, mainly due to buggy smart contracts or attacks by hackers. Here are three important reasons to perform Revoke:

Minimize security risks

Minimize security risks

Protect privacy rights

Protect privacy rights

Control assets

Control assets

An example of the risk of not Revoking

An example of the risk of not Revoking

In October 2020, John Doe saw a dApp called UniCats. After depositing UNI and approving the request “Allow this Dapp to spend your UNI” from Metamask, he farmed $MEOW and thought he had earned enough. However, UniCats is a scam website and John's Allow action gave UniCats full access to his UNI, resulting in a total loss of 36K UNI (1 million USD) while he was sleeping. If John had known about Revoke sooner, this loss could have been avoided.

In October 2020, John Doe saw a dApp called UniCats. After depositing UNI and approving the request “Allow this Dapp to spend your UNI” from Metamask, he farmed $MEOW and thought he had earned enough. However, UniCats is a scam website and John's Allow action gave UniCats full access to his UNI, resulting in a total loss of 36K UNI (1 million USD) while he was sleeping. If John had known about Revoke sooner, this loss could have been avoided.

What is Token Approval?

What is Token Approval?

Token Approval is the right that users grant to DApps so that they can access the tokens in the user's crypto wallet. DApps use smart contracts to perform transactions on the blockchain, and users can only spend tokens through these contracts once they have granted them permission.

Token Approval is the right that users grant to DApps so that they can access the tokens in the user's crypto wallet. DApps use smart contracts to perform transactions on the blockchain, and users can only spend tokens through these contracts once they have granted them permission.

Important note:

Important note:

When did Token Approval get noticed?

When did Token Approval get noticed?

The cryptocurrency and DeFi markets are developing rapidly along with investment and employment opportunities. However, the risks of losing money, fraud and scams are also increasing. Each time they participate in depositing money on a dApp, users must set the allowance for the exact amount of money that the dApp can access. Some applications request an unlimited allowance (no limit on the amount of money allowed), and when approved, the user only needs to approve it once. Setting up the said unlimited allowance will be less risky when everyone fully understands the dApp being used, or it has been verified. If encountering unverified applications, everyone has only heard about them for the first time, then this is not the right choice. However, this setting can lead to risks if the system encounters a bug or the dApp is hacked.

The cryptocurrency and DeFi markets are developing rapidly along with investment and employment opportunities. However, the risks of losing money, fraud and scams are also increasing. Each time they participate in depositing money on a dApp, users must set the allowance for the exact amount of money that the dApp can access. Some applications request an unlimited allowance (no limit on the amount of money allowed), and when approved, the user only needs to approve it once. Setting up the said unlimited allowance will be less risky when everyone fully understands the dApp being used, or it has been verified. If encountering unverified applications, everyone has only heard about them for the first time, then this is not the right choice. However, this setting can lead to risks if the system encounters a bug or the dApp is hacked.

Popular Revoke Token tools

Popular Revoke Token tools

A guide to using Revoke Token with the Metamask wallet

A guide to using Revoke Token with the Metamask wallet

Instructions on how to Revoke directly on the Ethereum Blockchain

Instructions on how to Revoke directly on the Ethereum Blockchain

Step 1: Visit https://etherscan.io/tokenapprovalchecker and connect your wallet

Step 1: Visit https://etherscan.io/tokenapprovalchecker and connect your wallet

Step 2: Select the Token standard you want to revoke, here we will have ERC-20, ERC-721, ERC-1155

Step 2: Select the Token standard you want to revoke, here we will have ERC-20, ERC-721, ERC-1155

Step 3: Click revoke and sign to confirm the action on the wallet

Step 3: Click revoke and sign to confirm the action on the wallet

Some questions related to Revoke

Some questions related to Revoke

Does Revoke affect DeFi activities?

Does Revoke affect DeFi activities?

No! Revoke does not affect any of the user's DeFi strategies but is only an action to minimize the risks coming from the Dapp that the user is using.

No! Revoke does not affect any of the user's DeFi strategies but is only an action to minimize the risks coming from the Dapp that the user is using.

Is Disconnect necessary to revoke the token anymore?

Is Disconnect necessary to revoke the token anymore?

Disconnect only cancels the permission for dApp to view the wallet address and asset balance, not protecting assets like Revoke. The answer here is that you still need to revoke

Disconnect only cancels the permission for dApp to view the wallet address and asset balance, not protecting assets like Revoke. The answer here is that you still need to revoke

Do Token Approval rights expire automatically?

Do Token Approval rights expire automatically?

No! Token Approval rights work permanently unless the user performs a Revoke

No! Token Approval rights work permanently unless the user performs a Revoke

In conclusion

In conclusion

Revoke token is one of the activities that any user must know when starting to enter the DeFi world. Keeping your assets safe is a top priority to avoid any unfortunate losses due to scam dApps or being

Revoke token is one of the activities that any user must know when starting to enter the DeFi world. Keeping your assets safe is a top priority to avoid any unfortunate losses due to scam dApps or being