Development Update- Telos Launches Revoke.Telos.Net
In the world of Decentralized Finance (DeFi), staking, lending, and trading ERC20 tokens are the backbone of interactions when it comes to the concept. Defi protocols such as Uniswap, Aave, and Yearn factor in you having to grant the dapp permission to spend your tokens on your behalf — this is known as an ERC20 allowance. While a key part of how Defi platforms function, these allowances can be extremely harmful to users if not properly checked.
The ERC20 standard allows smart contracts to transfer tokens from users with a function called “transferFrom(),” which is done via the user allowing the smart contract on their behalf.
The harmful part of this comes with many dApps requesting an unlimited allowance that allows you not to worry about approving this allowance every time you want to deposit tokens. As you can imagine, though, allowing a contract to have unlimited access to moving the funds in your wallet can come with significant drawbacks if a bug or exploit were to ever occur to one of these dApps. A tool has since been developed to combat these problems, aptly named revoke.telos.net — and now this tool is available to Telos users!
We’re proud to announce revoke.telos.net as an addition to the Telos EVM ecosystem, giving our users the ability to revoke or lower these allowances. This addition takes another step in making our environment even safer and better to navigate for our users, contributing to our idea of a faster, cheaper, safer blockchain for all to use.