Revoke Cash was founded in 2019 by Rosco Kalis to address the need for a tool to manage token approvals effectively. As DeFi and smart contracts continued to evolve, the project aimed to provide users with a secure way to control their permissions and protect their assets.
What is Revoke Cash?
Revoke Cash is a user-friendly solution designed to address a critical concern in the blockchain ecosystem: token approvals. When interacting with dApps like Uniswap or OpenSea, users are often required to grant these applications permission to spend their tokens and NFTs. These permissions, known as token approvals, can pose a security risk if not managed properly. Revoke Cash allows users to easily revoke these approvals, taking back control of their assets.
Why is Revoke Cash Required?
Revoke Cash is essential for several reasons:
Enhanced Security:
By revoking unnecessary approvals, you reduce the risk of unwanted access to your funds. This proactive approach minimizes the potential for hacks, exploits, and phishing scams.
Post-Scam Recovery:
In the unfortunate event of a scam, Revoke Cash helps users identify which approvals were exploited and allows them to revoke these permissions promptly, preventing further losses.
Browser Extension:
Revoke Cash offers a browser extension that acts as a first line of defense against potentially harmful actions, such as phishing attempts, by prompting users to reconsider their actions.
How to Install Revoke Cash
To get started with Revoke Cash, follow these steps:
Connect: Visit https://revoke.cash/ and click "Connect Wallet" in the top-right corner. Alternatively, you can enter your wallet address in the search bar.
Inspect: Use Revoke Cash's network selection, sorting, and filtering options to inspect your approvals thoroughly.
Revoke: Identify and revoke approvals that you no longer use or trust to prevent unauthorized access to your assets.
Follow this blog and video for more information about Revoke Cash:
Learn About Web3, Security and More | Revoke.cash
RevokeCash/revoke.cash: ❌ Revoke or update your token allowances (github.com)
FAQ regarding Revoke Cash:
Here are answers to some frequently asked questions about Revoke Cash:
Q1: If I have an "Unlimited" approval, does that mean my whole wallet is at risk?
A1: No, "Unlimited" approvals only apply to specific tokens or NFT collections. Each approval is isolated, so an approval for one asset doesn't affect others in your wallet.
Q2: Is it enough to "disconnect" my wallet instead of revoking approvals?
A2: No, disconnecting your wallet from a website doesn't protect you from approval exploits. Disconnecting merely hides your wallet's address from the site; your approvals remain active.
Q3: Can I use Revoke Cash to recover stolen funds?
A3: Unfortunately, Revoke Cash is a preventive tool and cannot recover stolen funds. It helps safeguard your assets from future exploits.
Q4: What if adding ETH to my account gets stolen?
A4: If your ETH gets stolen upon deposit, your seed phrase may be compromised. In this case, revoking approvals won't improve your wallet's security; you should create a new wallet.
Q5: How do I know if my funds were stolen through an approval exploit?
A5: Determining the exact cause of fund loss can be challenging. Revoke Cash provides an infographic outlining common ways funds are stolen for diagnosis.
Q6: Can hardware wallets protect against approval exploits?
A6: Hardware wallets are generally safer than others, but they don't protect against approval exploits. These exploits don't require stealing keys, so hardware wallets offer no extra protection.
Q7: Can I revoke multiple approvals at once?
A7: No, approvals are revoked individually, typically requiring one transaction per approval.
Q8: How much does Revoke Cash cost to use?
A8: Revoke Cash is a free service, but revoking approvals incurs gas fees like other blockchain transactions. Gas fees can vary but are usually reasonable.
Q9: Why does my wallet's popup mention "give permission," "approve," or "set approval for all" when revoking?
A9: In the tokens' smart contracts, approval and revocation functions share the same process. When revoking, you set the approval to 0 (for ERC20 tokens) or "false" (for NFTs).
Q10: What happens to my deposited or staked tokens when I revoke approvals?
A10: Revoking approvals doesn't affect your deposited or staked tokens; they remain accessible. To add more tokens, you'll need to grant approvals again.
Q11: Which approvals should I revoke?
A11: It's a balance between safety and convenience. For well-known protocols, leaving approvals active may be acceptable. However, for newer or unknown smart contracts, revoking approvals is advisable.
Q12: Which networks and domains does Revoke Cash support?
A12: Revoke Cash supports numerous EVM networks. It also works with domain name services like ENS, Unstoppable Domains, and Avvy Domains.
Q13: My question isn't listed here. Where can I get more information?
A13: If you have additional questions, you can reach out to Revoke Cash on Twitter, Discord, or read Rosco Kalis' blog post "Unlimited ERC20 allowances considered harmful" for more details.