Overview
To complete Web3 operations, you must grant permission to decentralized applications (dApps) and smart contracts to move your tokens. Approve transactions are one type of token approval you can use to grant this permission.
The Amount Cap limits the amount smart contracts and third-party dApps may withdraw on your behalf. This reduces the risk associated with granting an unlimited approval amount. Transaction amounts are then automatically changed from the maximum amount to the user-specified limit for all Approve transactions created with dApps.
The cap you set is enforced based on the token's dollar value listed on CoinMarketCap. If a token doesn't have a dollar value the capping will not be executed.
Setting the Amount Cap
- In the Fireblocks Console, go to Settings > General > Approve transaction amount cap > Set amount cap.
- Enter the desired amount, then select Set cap.
Revoking approvals
After approving a specific dApp to move ERC-20 tokens, you may want to revoke that approval to reduce any associated risk.