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Hey all, we have a VERY important PSA to help keep your assets safe ๐ฉโ๐ซ โ ๏ธ Disconnecting MetaMask from a dapp does NOT ensure your tokens are always safe! โ ๏ธ When ppl say ๐ฟ๐ฒ๐๐ผ๐ธ๐ฒ, they mean at smart contract level. Disconnecting from dapps doesn't include contracts. 1/ ๐งต
Connecting MetaMask to a dapp (primarily) allows that dapp to: 1. see your address 2. ask you to confirm & send a transaction from that address. When a dapp requests that you make a tx, you see the confirm/reject prompt, meaning nothing can be sent without your input. 2/
While there's no harm in disconnecting MM๐ฆ from a dapp (and it is good for your privacy), please don't let it give you a false sense of security. There is another connection that is handled on-chain by the contracts you interact with. 3/
(Weโre going to dive in a bit here because, honestly, it all makes perfect sense if you understand the structure of it all. Stay with us, it's not too bad. ๐) 4/
First, some find it helpful to note distinct dapp layers: ๐ Frontend / website / wallet layer = stuff you see that implies what's happening under the hood. โ๏ธ Under the hood = backend / smart contracts / tokens = what you donโt usually see = the actual ๐ฎ๐ฆ๐ค๐ฉ๐ข๐ฏ๐ช๐ค๐ด. 5/
Second, itโs helpful to know what the ๐ฎ๐ฆ๐ค๐ฉ๐ข๐ฏ๐ช๐ค๐ด actually are! ๐ When sending ETH, you simply send 1 ETH to a recipient address. When sending a token, you send 0 ETH to the tokenโs contract address & include instructions to โsend 1 token to the recipient address.โ 6/
The same applies when you swap/mint/sell/stake/farm on all the fancy stuff built by amazing devs the past few years. When tokens need to be moved by a contract to facilitate an action, you must first *approve* that address to access/move those tokens. This is important. 7/
You can allow 1 token or an โinfiniteโ amount of tokens to be moved by a specified address. In order to make your life easier and save on txn fees, itโs common to use an โinfiniteโ amount so that you donโt need to repeatedly approve.. 8/
However, this means that the address you said could move 1,000,000,000 of your tokensโฆCAN MOVE 1,000,000,000 YOUR TOKENS! ๐ Ideally, they donโt, unless first instructed by you. But they can and, if they are malicious or the contract is upgraded to be malicious, they do. 9/
It is this token approving action that has the potential to result in your assets being stolen and everyone on CT shouting REVOKE REVOKE DISCONNECT REVOKE! Disconnecting your MM๐ฆ will NOT protect you from this. Revoking your token allowances WILL protect you. 10/
Concerned about your own approvals? Until we incorporate token revocation directly in MM๐ฆ, you can see, adjust, and revoke your allowances onโฆ ๐ @RevokeCashโs <a target="_blank" href="https://revoke.cash/" color="blue">revoke.cash</a> ๐ @etherscanโs <a target="_blank" href="https://etherscan.io/tokenapprovalchecker" color="blue">etherscan.io/tokenapprovalcโฆ</a> ๐ 11/
@RevokeCash @etherscan If this sounds like a lot of work - it is. ๐ Having full control of your assets and financial sovereignty is a big undertaking. There are no middle-men to make you cozy and save the day. Being your own bank means being your own security, compliance, everything! ๐ฆ 12/
@RevokeCash @etherscan Itโs a good practice to revoke contracts that have large/infinite approvals, as well as any you donโt remember or plan on using again anytime soon. Even better, be more mindful about what you approve in the first place! Stay safe out there. ๐ฆโค๏ธ <a target="_blank" href="https://metamask.zendesk.com/hc/en-us/articles/360059535551" color="blue">metamask.zendesk.com/hc/en-us/articโฆ</a> 13/13