🪙Approving Tokens
Last updated
Last updated
When you first interact with a new token on DragonSwap, your wallet will request approval for that specific token. This approval process is a fundamental security protocol in crypto transactions, allowing the use of your tokens within the specified smart contract. Before you can execute transactions, it's necessary to approve each token separately.
For example, if a transaction requires USDT and it has not yet been approved, the interface will display "Approve USDT" instead of "Swap”.
Changes in Metamask Approvals - March 2023 Update
In March 2023, Metamask implemented a significant update to its token approval process. Users must now manually set the allowance for each token when authorizing its use with a smart contract. This represents a shift from previous protocols where dApps could specify the required amount or request unlimited token access. For detailed information on Metamask's changes, refer to their official update announcement here.
If a user's set allowance in Metamask is lower than the transaction amount on DragonSwap, the transaction may fail. For instance, a transaction will not proceed if a user, having approved an allowance of 1 ETH in Metamask, tries to swap more than that amount on DragonSwap.
Please note that as Metamask continues to update its spending limit features, the screenshots, and guidelines provided by DragonSwap might not always reflect the most current Metamask user interface.
Approving USDT in Metamask for DragonSwap
Upon clicking the "Approve" button for a transaction involving USDT, Metamask will display a prompt asking you to define a custom spending cap. The simplest approach is to enter the 'Minimum Allowance' as indicated in the DragonSwap interface, although you have the option to set a higher limit if preferred.
Once you've chosen your limit in Metamask, proceed by clicking 'Next' and then confirm the approval. This will allow you to complete your intended transaction on DragonSwap successfully.
When approving USDT you have two choices. You can approve the transaction on a one-time basis, or you can opt for permanent approval. The latter means you won't need to approve USDT each time you initiate a swap.
That's it! You can now perform a swap on DragonSwap for the approved token.
Resetting Approvals in Metamask
If you need to conduct a transaction on DragonSwap that exceeds a previously set approval limit in Metamask, you will need to reset your approval settings. This can be done using tools like Revoke to view and cancel existing approvals on your wallet. You can then set a new approval limit for the relevant token on DragonSwap.
