Unlimited Token Approval Exploits Cost $417M Since 2020
Unlimited Token Approval Exploits Cost $417M Since 2020
馃敁 $417M Vanished: How?
RevokeCash reports $417M stolen due to unlimited token approval exploits since 2020. This highlights the urgent need to improve token approval management in the crypto space.
- Ambire extension offers a solution by supporting EIP-5792
- EIP-5792 aims to eliminate manual token approval management
- Developers urged to explore EIP-5792 for enhanced security: https://eips.ethereum.org/EIPS/eip-5792
This development underscores the importance of evolving security measures in the rapidly changing crypto landscape. Users and developers alike should stay informed about such improvements to protect assets and enhance overall ecosystem safety.
馃敶 $417M has been stolen due to unlimited token approval exploits since 2020 according to @RevokeCash It's time to eliminate the need for managing token approvals! 馃攼 Solution 馃憞
1/ EIP-5792 - A GAMECHANGER? We played with @WilsonCusack's frontend demo, tweaking it to reflect an actual transaction on @Balancer and the @base chain 鉃★笍 We got approval and a swap combined in one transaction, using the Ambire extension and saving on gas.
Ambire Community Votes to Add Bitrefill Integration
**Ambire's first community governance vote has concluded successfully.** The proposal to integrate Bitrefill into the Ambire App Catalog passed with 97 community members participating. **Key outcomes:** - Bitrefill will be added to Ambire's Apps catalog - Users get **20% discount** on first purchase - First-ever community vote for app integration The voting process ran from September 5-12, allowing $WALLET and $stkWALLET holders to influence platform development while earning XP rewards. *Next steps for the integration are coming soon.*
EIP-7702: The Next Ethereum Upgrade Explained
Ethereum's upcoming upgrade introduces EIP-7702, a significant improvement for wallet functionality. This proposal aims to enhance account abstraction, enabling wallets to support both basic (EOA) and smart accounts simultaneously. Key points: - Hybrid account abstraction improves security and user experience - Combines benefits of traditional and smart contract wallets - Ambire implements this solution for enhanced wallet functionality [Read the detailed analysis](https://blog.ambire.com/eip-7702-wallet/) to understand how this upgrade affects your Ethereum experience.
Ambire Demos Enhanced EOA Features on Odyssey Testnet
Ambire has successfully demonstrated enhanced EOA (Externally Owned Account) capabilities on the Ithaca Odyssey Testnet, previewing features from Ethereum's upcoming Pectra upgrade. Key improvements enabled by EIP-7702: - Transaction batching for multiple operations - Simplified token approval management - Gas fee payment using ERC-20 tokens These features will be available to all existing Ethereum accounts, marking a significant advancement in wallet functionality and user experience. [View demo transaction](https://benzin.ambire.com/?chainId=911867&txnId=0xd1e0755113190d9ca650f05ebcf6959707c28ab95f707be805a2dfdd75e76c75)
Ambire Community Called to Vote on Legends Rewards Distribution
Ambire has opened community voting for the distribution of Legends rewards, marking a significant governance milestone. - Voting period runs until January 29, 2025 - Community members can participate through Ambire Discord - Detailed proposal available for review and discussion This follows December's successful 2x points multiplier initiative during the Christmas period. *Your participation shapes the future of Ambire Legends rewards.*
Bungee Exchange Protocol Launches with Early Access for Ambire Users
The Bungee Exchange Protocol has launched, offering early access to Ambire wallet power users. This new protocol is being touted as a potentially significant development in the crypto space. Key points: - Ambire users can obtain 'Bungee Balls' for early access - The launch is described as potentially the 'drop of the year' - Early adopters may have a unique opportunity to test the protocol While the exact features and benefits of the Bungee Exchange Protocol are not detailed, the announcement suggests it could be a noteworthy addition to the crypto ecosystem. Interested users are encouraged to check the related tweets for more information on how to participate.