from my point of view, you should approve only what you are planning to spend in the liquidity pool, no more than that, or a little more, certainly not unlimited amount
other precaution is to use different wallet for liquidity pool and put only money that you plan to use in LP on this wallet, and withdraw all money from that wallet, after you remove it from liquidity pool, it is a very risky and uncertain market, and people should proceed with caution
Yes that option i already have mentioned in my post. But
on uniswap it approve infinite number of token, we do not have option to enter it manually. You need to do it through smart contract on etherscan which is risky and complicated for most of people as process need knowledge.
Also i am looking for any other option we have? is there any way to swap without approval like etherdelta? why it need approval, cant they have option to swap it without approval?
Uniswap might be safe but this trend is risky as we need to trust the smart contract everytime we will approve our tokens for any other contract.
Lets see in V3 hope such issues will be taken care of.
Hi,
I allow myself to dig up this thread: it is not possible, indeed, to pay the approved amount directly on uniswap (for the moment) but before validating the action on metamask you have the possibility to approve a specific amount as shown in the following screenshot:
In addition, I would like to draw your attention to the fact that there are at least two possibilities to edit the given permissions:
1 - Token checker allowance:https://tac.dappstar.io/It seems that another project (MathWallet) took the idea of 'Token checker allowance' and adapted it for Bsc (Binance chain). I specify that I have not tested this one.
https://twitter.com/MathWallet/status/1310877806264422401A little reading to understand why this is
so important :
https://cryptotesters.com/blog/token-allowances2 - https://approved.zone/Works on the same principle as tca. (Except we can only erase autorisation, and not set a new value)
According to the following tweet, this project would come from the '
1 Inch exchange' team.
https://twitter.com/1inchExchange/status/1273508633570140162I am sharing a few ideas here, however do your own research