Overview
To complete Web3 operations, you must grant decentralized applications (dApps) and smart contracts permission 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.
Note
The cap you set is enforced based on the dollar value of the token, as listed on CoinMarketCap. If a token has no 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, and select Set cap.
Revoking approvals
After granting approval to a specific dApp to move ERC-20 tokens on your behalf, you may want to revoke that grant in order to reduce the risk associated with it. This can be done by sending a new approve transaction with an amount of 0. You may use this tool to do so, using the WalletConnect integration with Fireblocks.