Introducing dApprovals by Redefine

If you’ve ever signed transactions using a self-custodial wallet, such as Metamask, you’ve likely come across the concept of ‘token approvals’. This is a built-in mechanism of DeFi, which permits a “spender” to transfer tokens out of your wallet. In order to perform an action in DeFi that involves moving tokens using a dApp (e.g. swaps, lending, liquidity provisioning, etc.) you will be required to give an approval.

Approvals are necessary for DeFi to function the way that it does - it’s not a bad thing! This being said, like many elements of DeFi, there are risks involved. Approvals create weaknesses that can be taken advantage of. Regardless of how good your custody solution is, an active approval allows another entity to move tokens out of your wallet.

If the “spender” that you’ve given approval to is a bad actor or gets compromised by a bad actor, they can and will take your funds. This attack vector alone has resulted in hundreds of millions of dollars in stolen assets across DeFi since just 2021.

At Redefine, we believe that you should be empowered with the necessary tools to fully understand and mitigate the risks associated with your active token approvals.

This is why today, Redefine is launching dApprovals

Setting the Standard for Defi Risk Assessment

Managing your token approvals is an essential part of mitigating the risks that you are exposed to through this mechanism.

With dApprovals, Redefine is introducing the most advanced, user-friendly, and transparent solution yet for ensuring you are fully informed of all the risks associated with your active approvals and are empowered to take action and manage these approvals in an easy way.

And the best part — dApprovals uses Redefine’s enterprise-grade security engine and is available to everyone for free! Connect your wallet and manage approvals across all supported chains.

Revoking Approvals

When initially giving an approval, if the chain you’re operating on has modest gas fees, it may be worth giving approval to a spender, setting allowances equal to the number of tokens you want to spend in a specific transaction. This way, after the transaction, the approval has an allowance of 0 and is not vulnerable in any way.

By default, most approvals are given with ‘infinite allowances’, so after your transaction, you still have allowances granted with the spender you gave approval to.

With dApprovals, you have visibility into all of your allowances and current token balances and an easy way to set these allowances to 0 (i.e. “revoking” the approval). You now have complete control!

Easy to Use

We’re committed to providing enhanced security and risk assessment in a way that is robust, reliable, and easy to understand and use. dApprovals is built to support multiple chains, allowing you to manage multiple approvals easily, right from your browser.

Understand risks, and protect your tokens with dApprovals

Token approvals are an essential component to DeFi, and with dApprovals by Redefine, you’ll have lightning-fast assessment of the risks to your active approvals, and total visibility across chains.

With DeFi, you’re now in control. With dApprovals, you’ll never have to worry about losing tokens from this attack vector ever again.

Try dApprovals today, free of charge.