Unlimited Token Approval Exploits Cost $417M Since 2020
Unlimited Token Approval Exploits Cost $417M Since 2020
🔓 $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.
🔴 $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! 🔐 Solution 👇
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 ➡️ We got approval and a swap combined in one transaction, using the Ambire extension and saving on gas.
Live Stream: Deep Dive into Web3 Apps with Vaults.fyi
Join us for an educational live stream exploring Web3 applications, with a special focus on Vaults.fyi. The session will include: - Technical breakdown of the platform's functionality - Analysis of various investment strategies - Direct conversations with the developers *Event Details:* **Date:** Tomorrow **Time:** 13:00 UTC **Platform:** Live on X Previous streams have covered topics like Coinbase Onramp integration with ZetaChain Universal Apps, demonstrating our commitment to comprehensive Web3 education.
Ambire Team Heading to EthCC in Cannes
The Ambire team is preparing to attend EthCC (Ethereum Community Conference) on the French Riviera in Cannes next week. - Team members will be available for meetings and networking - Event location: Cannes, French Riviera - Conference: EthCC (Ethereum Community Conference) Community members interested in connecting with the team can find more details at [Ambire's blog post](https://blog.ambire.com/ambire-ethcc8-cannes/). Want to meet up? Reach out to schedule a meeting during the conference.
Gas Abstraction Evolves: Pay Fees Without ETH
Gas abstraction technology now enables users to complete blockchain transactions without holding ETH. Key developments include: - Pay gas fees using 100+ different tokens - Some platforms offering sponsored (free) transactions: • Ambire on Gnosis Chain • PoolTogether for >5 USDC deposits on Optimism • RevokeCash for weekly batch revokes Gas tank feature allows pre-loading preferred tokens for future gas payments across major networks, with fee cashback benefits. While settlement still occurs in ETH, users can transact using their token of choice with a small conversion fee. Learn more: [Gas Abstraction Explained](https://blog.ambire.com/gas-abstraction-explained/)
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)