Terenval Crypto Glossary · Русская версия
Token approval
Definition: A token approval is an on-chain permission that allows another address or smart contract to spend a specified amount of a user's token under that token contract's rules.
Many ERC-20 dApps need an approval before they can swap, deposit or otherwise move tokens on behalf of the user.
How this concept appears in Terenval Wallet
When Terenval presents an approval request from a compatible dApp, users should inspect the token, spender and allowance before signing.
Important: An unlimited approval can remain active after the immediate transaction and may create future risk if the spender is compromised.
Try Terenval Wallet
A non-custodial mobile wallet with WalletConnect for compatible dApps.
Install Terenval WalletA non-custodial mobile wallet with WalletConnect for compatible dApps.
Related terms
Related Terenval Answers
- How to Secure a Non-Custodial Crypto Wallet
- How to Send Crypto Safely Between Wallets
- Can One Crypto Wallet Manage Multiple Blockchains?
Sources and review
Terenval product statements are first-party information.