Alright just to clarify it is a best security/safety practice to revoking Uniswap's smart contracts and smart signatures after finishing using Uniswap even though Uniswap is reliable and established?
Okay in your screenshot, to confirm it is okay to set for example to exact 100 and the transaction wont fail because there was no extra overhead in the 100 input? Most de-fi sites use the default max/unlimited value, which de-fi sites you speak of that set to correct value for you automatically?
Apart from unlimited/max value setting, is there any other setting in the metamask transaction screens that I need to be aware of? How do I prevent future signatures attaching to my coins after the transaction has completed.
De-Fi in its current state is a definitely a no go zone for beginners with security/safety issues like these and if Gas fees is required all the time to be safe and secure in De-Fi then I cannot see De-Fi growing unless the bare minimum necessity such as safety and security is present and free especially when it comes to finances. It is similar to getting a car without brakes/seatbelts and paying extra for these services. If De-Fi is truly decentralized like Bitcoin then I guess it is worth paying gas fees I guess.
Okay in your screenshot, to confirm it is okay to set for example to exact 100 and the transaction wont fail because there was no extra overhead in the 100 input? Most de-fi sites use the default max/unlimited value, which de-fi sites you speak of that set to correct value for you automatically?
Apart from unlimited/max value setting, is there any other setting in the metamask transaction screens that I need to be aware of? How do I prevent future signatures attaching to my coins after the transaction has completed.
De-Fi in its current state is a definitely a no go zone for beginners with security/safety issues like these and if Gas fees is required all the time to be safe and secure in De-Fi then I cannot see De-Fi growing unless the bare minimum necessity such as safety and security is present and free especially when it comes to finances. It is similar to getting a car without brakes/seatbelts and paying extra for these services. If De-Fi is truly decentralized like Bitcoin then I guess it is worth paying gas fees I guess.
I'll try to summarize as much as possible so as not to complicate things for you, I've noticed that you still have a lot of doubts
--> When using DeFi or any other type of transaction, only approve the limit you're going to use, it's that simple
Then you don't need to revoke anything
--> If the contract defaults to unlimited approval, simply change it to the amount you're using at the time
As you're just starting out, keep it simple and you'll learn more in the process
What I said in the previous post about saving fees by setting it to unlimited and then revoking it, etc., you'll learn over time and with practice
What are you going to do? Are you going to do swaps? stakes? liquidity pools?
Mostly swaps, might venture into staking and liquidity pools. Liquidity pools is lending/borrowing in de-fi right?
Ok can further clarify the following:
- Example 1, I change the default max/unlimited value to 100 value so I do not have to spend gas fees in future to revoke this. The worse case scenario that can happen in future if I do not revoke this 100 value contract is max I can lose is $100 from a hack not a $million from my wallet address, basically I lose $100 from a $million if I do not revoke?
- You mentioned If the contract defaults to unlimited approval, is this still possible after I set the value with the 100 example I gave above, my 100 input value defaults back to max/unlimited again?
- Who decided in the De-Fi world that the default input value should be set to unlimited/max and why? Who programmed this value? It is like for example banks giving their customers unlimited/max no withdrawal limits at ATM cash machines meaning if a thief has access to the debit card and there's a $million in the a account then the thief can empty all the cash from the cash machine and go onto the next cash machine and empty out and so on until balance goes to $0. It is an absolutely insane idea whoever thought of that max/unlimited input default value in de-fi. I hope there is a update to MetaMask wallet to auto adjust the default value for you for all de-fi transactions and if there is no incentive to do this then who is truly running De-Fi? Scammers/Hackers? Or they do this on purpose to collect more gas fees in de-fi from revokes.
- I understand theres smart contract in de-fi that involves on-chain meaning gas fees to use the chain however Smart Signatures are supposedly off-chain meaning no gas fees so why it costs gas fees to Revoke a Smart Signature
