What are Crypto Contract Allowances and what do I need to do about them?
What are token allowances?
Token allowances are permissions granted to decentralized apps (or Dapps) to access tokens in your crypto wallet. Token allowances are applicable to BSC Tokens (BEP-20) like BNB, SafeMoon and Enhance. You can think of a token allowance as giving a Dapp the permission to perform an action with your tokens. All Dapps require permission from non-custodial crypto wallets (like MetaMask or the SafeMoon Wallet) before they can interact with any tokens in the wallet.
When we say that you're giving a Dapp the permission to perform an action with your tokens, we say this because we don't want you to touching any token you don't recognize. Inevitably, some unknown tokens will show up in your wallet; This is called Dust or a Dusting Attack. If you interact with these tokens, you are allowing hackers/scammers access to your wallet... which we DON'T want!
How can I manage and revoke token allowances?
There are a number of tools that allow you to revoke token allowances entirely. Many users use third-party tools such as BSCScan or Beefy Finance to manage their token allowances. Doing so will result in a gas fee. Please note that these are third parties and we cannot make any guarantees about their service but do recommend if you were looking to revoke your allowances that these are a more trusted service.
So how do I actually revoke my allowances? Well it is pretty straight forward, first you head to BSCScan:
Then you'll need to go ahead and click on More ➡ Tools ➡ Token Approval. This should then bring you to this screen:
From here, you first need to enter in your wallet address and search. If you have no approved tokens it will display this message:
If you do have tokens that need revoking, it should display something like this:
You will see the option to "Connect to Web3," then you simply connect to in the same way you would when using WalletConnect.
Once connected, it will show your green light and the Revoke Button will light up blue. Just simply hit Revoke and approve the transaction which, as mentioned, will cost you around $0.10 in BSC BNB to remove the permission. Do this for as many contract that are on the list and boom your connection free from all contracts.
Stay Safe! Stay Secure!