Get the extension What is a token approval?
A token approval, or allowance, is a permission you give a smart contract to move up to a set amount of one of your tokens. dApps need it before they can swap or deposit your tokens for you.
Why it matters
Many dApps ask for an unlimited approval so you never have to approve again. That permission stays valid until you revoke it. If the contract is malicious, or is exploited later, it can take every token of that kind in your wallet, at any time.
How Locker Protocol Wallet handles it
Locker Protocol Wallet flags unlimited approvals, collection-wide NFT approvals (setApprovalForAll) and Permit2 before you sign, in the extension and again on the Vault. Its Revoke screen cancels an allowance; the revocation is a transaction signed on the Vault.
Questions
Should I revoke old token approvals?
Yes, for contracts you no longer use. Revoking costs a small network fee and removes a permission that could be abused later.
What is the difference between approve and setApprovalForAll?
approve covers one token up to an amount. setApprovalForAll covers every NFT of a collection you own, now and later, which makes it a frequent target of NFT scams.