2023-04-19 23:20:17
How not to lose the crypt in Defi: revoke function
Few newcomers think about the fact that when we connect a wallet to Defi applications, we give it a full carte blanche to use our funds. There is a revoke procedure — just for such cases, it allows you to revoke permissions to the application.
How is this possible? In the world of DeFi, smart contracts are self-executing agreements, subject to certain conditions. They facilitate financial transactions such as lending, deposits and trading without intermediaries.
When we connect our wallet (for example, Metamask) to a Defi application to "swap" a couple of hundred dollars, we sign a smart contract that allows this application to manage our funds. If the project we trusted is hacked or there is a serious vulnerability in it, then our funds can fly away to intruders.
And who is insured against the fact that the owner of the site himself does not want to do something like that? Still, we remember LUNA ... the project was in the top and few people believed that the founder would turn out to be a fraud.
But let's get down to practice. Let's analyze revoke using the example of MetaMask and the Binance Smart Chain network
1. Open the beefy website.finance
2. Connect your wallet to the site
3. You will see all the permissions that you have been given in this network. By clicking on the remove all button, you remove all these permissions
4. After confirmation, the permission will be revoked and the application will lose access to your funds
On the Metamask technical support website, you can find instructions for a similar procedure in other networks.
Remember about the commissions. They are taken for any actions in Defi: both for permission and for its withdrawal. But the commissions are usually a penny and much less than the money that you could lose if you did not do this procedure.
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