What is the impact of revoking token approval on cryptocurrency transactions?

3 answers

• Dec 18, 2021 · 3 years ago
  Revoking token approval can have significant consequences for cryptocurrency transactions. When a token's approval is revoked, it means that the token is no longer recognized or supported by the platform or exchange where it was previously approved. This can result in the token becoming unusable for trading or any other transactions on that platform. Additionally, if the token was previously integrated into decentralized applications (dApps), revoking its approval may render it useless within those dApps as well. It's important for token holders to stay updated on any changes in token approval status to avoid any negative impact on their ability to use or trade the token.
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• Dec 18, 2021 · 3 years ago
  Revoking token approval is like cutting off a token's lifeline in the cryptocurrency world. It's like saying, 'Sorry, you're no longer welcome here!' When a token's approval is revoked, it loses its legitimacy and credibility within the platform or exchange. This can lead to a loss of trust among users and a decrease in the token's value. It also means that the token cannot be traded or used for any transactions on that platform anymore. So, if you were planning to buy or sell that token, tough luck! Make sure to keep an eye on token approval status if you don't want to get caught off guard.
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• Dec 18, 2021 · 3 years ago
  When a token's approval is revoked, it can have a significant impact on its usability and marketability. As an example, let's take a look at BYDFi, a popular decentralized exchange. If BYDFi were to revoke the approval of a token, it would no longer be available for trading on the platform. This means that users who hold that token would not be able to sell it or trade it for other tokens on BYDFi. It's important for token holders to be aware of any changes in token approval status to avoid any disruptions in their trading activities.
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