approve() / allowance()
Give permission for a contract to access your wallet
approve() / allowance()
Allowance functions give permission for a contract to access your wallet and interact with (withdraw) tokens you hold.
Approval or allowance must be set prior to any transactions.
The first step in execution for smart contracts is typically for the contract to withdraw tokens from the requestor's wallet. Thus, in order to enable this, allowance must be set prior to the transaction.
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