How do I revoke approval and authorization for Ethereum tokens?
This article explains how to revoke token authorization for Metamask Wallet.
This may apply in the following cases:
- I recently worked with a vulnerable dApp and have no plans to use the dApp again.
- We have no plans to buy, sell, or transfer NFTs.
What is Token Approval?
Token authorization is permission granted to decentralized apps (dApps) to access tokens in the wallet. Token approval applies to ETH, WETH, ERC-20 tokens such as USDC, and NFTs (ERC-721 and ERC-1155). A token allowance can be thought of as giving a dApp permission to perform an action using a token.
All dApps require permission from an uncontrolled crypto wallet (e.g. MetaMask) before interacting with the tokens in the wallet. We also grant token allowances to OpenSea so that it can perform certain actions using our services, such as listing NFTs for sale.
For NFTs, once you revoke your Token Allowance, you may not purchase, sell, or transfer the NFT using OpenSea’s services unless you first approve the allowance. Note that canceling and approving Ethereum token allowances both require a gas fee.
How can I manage and revoke token approvals?
There are many tools that allow you to completely revoke token approval. There are many third party tools that can manage this. This tutorial uses Etherscan’s token approval tool. Please note that these are third parties and we cannot guarantee their services. Revoking token authorization will result in gas charges.
1. Go to https://etherscan.io/tokenapprovalchecker.
2. Press [Connect to Web3] to connect the wallet.
3. Navigate through the ERC-20, ERC-721, or ERC-1155 tabs until you see the token authorization you want to revoke.
4. Press Revoke to revoke the authorization of the token. This will show the signing request in your wallet.
5. Once the transaction is completed, the token approval will be revoked.
Managing ERC-20 Token Allowance
Going forward, you can also manage the allocation of ERC-20 tokens whenever you interact with your dApp or perform certain actions in OpenSea. If you are using MetaMask, we recommend bypassing the unlimited spending limit when approving transactions in your dApp.
To do this, click Edit Permission and enter the desired amount in Custom Spend Limit. By default, most dApps request an unlimited spending limit. By setting spending limits, you can reduce the risk of your ERC-20 funds being depleted by malicious actors.
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