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How to Set Token Approvals Using TAC

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Token Allowance Checker is a basic yet essential tool for securing your digital assets on Metamask, among other popular wallets. As more protocols are created in De-Fi, you will eventually come across a few dApps that you may not feel comfortable allowing an unlimited token approval limit.

Not paying attention to these crucial details could allow a transfer of all of your tokens, without requiring any further approval. A bad-actor would be able to liquidate all your tokens as you would be rendered useless.

As a user allows more and more connections to their wallets, the risk for possible foul-play increases – especially if you are frequently participating in the newest De-Fi protocols or airdrops.

This guide will educate you on how to use TAC as a contingency plan for your wallet in the event that disaster strikes. With a little bit of reading, you can easily protect yourself from malevolent acts of greed in the world of crypto.


Details

Frequently allowing unfamiliar connections to your wallet is one thing if you’re setting token approval limits for each connection but if you’re just allowing connections of all kinds WITHOUT setting/checking any limits, you are undoubtedly playing with fire.

  • Token Allowance Checker scans the complete Ethereum (ETH) transaction history for ERC-20 approvals made by the provided address. It collects all ERC-20 token contracts and any spender addresses that have been approved by the user in the past.
  • This information is displayed to the user, together with the up-to-date allowance amount.
  • For all entries, the user can edit or delete the allowance.

Features

TAC can easily be used to: 

  • Show all approvals for your ERC-20-compliant tokens in your wallets
  • Change the approved amount to a limit that you decide
  • Completely zero it so no tokens can be transferred out of your wallets

Ensuring that you know exactly what the limits (if any) are for all the protocols and dAPPs you interact with will only increase your security but it will cost you a small amount of ETH and a few minutes for every interaction made with a contract.

In other words, you will have to change the limits for the desired protocols/dApps individually. Depending on the total number of connections you have previously made to your wallet, the amount in fees and time required to completely secure your wallet will vary.


Compatible Wallets

The following wallets can be connected to the TAC dApp:

  • MetaMask
  • WalletConnect
  • Authereum
  • Opera
  • UniLogin
  • Ledger
  • Trezor
  • Dapper
  • Torus
  • imToken

Directions

Connect your wallet of choice.
These limits are set to unlimited, click the blue button to change the limits – leaving these values (unlimited) could allow bad-actor(s) to drain your entire wallet.
In this example, setting the allowance value to 0.86 restricts any transfers of Swapfolio (SWFL) tokens above this limit. To change the value of 0.86 tokens, click the blue action button. The spinning wheel indicates the action is being processed.
This pop-up will appear, click ‘Set allowance‘ after typing in your max allowance.
Upon setting the new allowance limit, you can see the new allowance total has been updated to 2,547 tokens. This is confirmed by the black check mark circled in green. From this point on, the allowance will be a maximum of 2,547 SWFL tokens until another value is entered to update the allowance.

Tips

Dividing up wallets to separate your main holdings from tokens that you use for trading/speculating could prevent catastrophic disasters. Adding an extra layer of security between your funds and uncertainty does come with more security but also more responsibilities.

You will be required to protect and store another set of seed phrases to back up the new wallet.

Failure to do so will result in you losing access to those funds.


Resources

You can find more information on TAC listed below.

Github – TripleSpeeder

Twitter – TripleSpeeder

Telegram – Triplespeeder


Conclusion

The more tools you have in your crypto toolkit, the better off you will be in the future. Whether you’re looking to verify the allowance of suspicious dApps from random airdrops or you’re doing a routine safety check of all your wallets, TAC is one tool that you should be familiar with – the sooner, the better.

Taking proactive steps like familiarizing yourself with tools like TAC will help you sleep better at night. Think of it as insurance for your cryptocurrencies – but instead of paying for it with money, you’re paying with your time and attention.

For more helpful articles on a wide array of topics, visit our Wiki page where you can read up on everything from technical guides to news updates.


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