“Allowance” Crucial Function to mitigate risk for your wallet.
Have you ever observed that every first time when you connect your Wallet with any Farm (or Pool), there is Pop-up window to request for your permission, whether the actions are Swap, Stake, Deposit. Generally, you might just ignore the message and confirm without reading it. The authorized for access of the wallet for Token/LP, it sets the amount as “Unlimited” as default. This is just for convenience for having activities with farm. And the approval the amount as “unlimited” is a risk, that many people just overlook this risk.
Why is this considered as Risk?
In the case that Farm, or Pool has Unlimited access to your wallet, if the Farm is vulnerable to a security issue or is rogue to begin with, attackers can abuse these highly excessive privileges to steal ALL of your holdings for the approved token without any further user consent. Then for your safety, it is better to set limit for Token/LP to authorize to the Farm.
Revoke can help
Revoke is function to revoke the access right of each farm via Smart Contract. As mentioned above, you should “Limited” allowance for each Token/LP for access to your wallet. Even we have this function, you should not be careless.
Should we revoke access for all farms?
In fact, you do not need to revoke every time. unfortunately, there are Gas fee for every transaction, then you should choose wisely where to Revoke. Farms that you should consider to revoke are, farm with no Accredited from the auditor, Farm with ultra-high yield. Or to be precise, you should revoke your standard Coins and Tokens (e.g. BTC, ETH, BNB, BUSD, BUSDT, DAI, USDC), for those governance tokens, they are ok to just keep as it is. Since once you no longer deposit into that farm, you will no longer need that Governance Token. Even you leave Unlimited allowance, there is no Tokens in your wallet.
After understand Revoke, let’s explore Allowance of SafeBSC
What SafeBSC has in Revoke that no one else has the same is, the convenience to view the allowance in each farm and each token. That reminds you when you deposit Token (or LP). You can see Detail, name, Quantity of each Token/LP. Also, the authorized amount of each Token/LP to your wallet. Finally, pain point we see in other platform is we will show “Lock Pending” that will prevent you to send click the revoke again and again. This can help you save Gas fee for redundant activities.