USDFI - The revolution will not be centralized.
  • USDFI Working Paper
    • Abstract
    • Introduction
      • Custodial Stablecoins
      • Non-custodial Stablecoins
    • USDFI Design
      • Introduction
      • The Decentralized Stablecoin Trilemma
      • Design Considerations
      • Financial stability: AMOs, BLR, AMMLR & The DeFi Trinity
    • USDFI Stability Mechanisms
  • Dual ve-tokenomics
    • Introduction
    • Liquidity Incentivization
      • Curve Finance
      • Olympus DAO
      • Zero-sum, ve and ve(3,3)
      • Dual-ve model
    • Analysis of dual-ve
  • USDFI: The protocol for protocols
    • How to get deep liquidity for your token
    • Problem: Bootstrapping your liquidity
    • Solution: USDFI P4P
  • USDFI explained in 120 seconds
    • Vision
    • Dual-ve tokenomics
    • STABLE/veSTABLE
    • USDFI/veUSDFI
  • USDFI AMM
    • Understanding Automated Market Makers
      • How-to execute a token swap
        • Token prices
        • Price Impact
        • Price Slippage
        • Price Impact vs Slippage
      • Understanding liquidity pools
      • vAMM vs sAMM
      • Understanding AMM users
    • Understanding USDFI's AFSA-Shield
    • Becoming a liquidity provider
      • Whitelisting
      • Dynamic pool fees for partner protocols
    • Understanding USDFI Pools
    • Understanding the USDFI Router
  • USDFI Money Markets
    • Peer-to-Pool Money Markets
    • Lending vs Liquidity
      • Lending
      • Borrowing
      • Liquidiations
      • Advanced Money Market Strategies
      • Contracts
    • Security
      • Token Report (BSC)
  • USDFI Stablecoin
    • Minting
    • Understanding the Minter
  • USDFI Money Legos
    • Introduction
    • Protocols
      • Thena
    • Risks
  • Security
    • About Chainsecurity
    • Audits
    • Contracts
  • More USDFI
    • The USDFI vision
    • Roadmap
    • Tokenomics
    • Pitch Deck
  • GETTING STARTED
    • Connecting a wallet to USDFI
    • Switching networks
    • What's a wallet address?
    • Getting a crypto wallet
    • Understanding Networks and Layers
    • Understanding Layer 2
    • Understanding transaction hashes
    • Understanding approval transactions
    • Network Fees
    • Buy Crypto
      • Credit Card
      • Bank transfer
  • AFFILIATES
    • How to become an USDFI affiliate
  • Brand assets
    • SVGs
  • FAQ
    • General questions about USDFI
    • How is USDFI different from...
    • Questions about the USDFI ecosystem
    • Terms of Use / Legal information
    • Where to find more information
    • Security and audit
    • The most important question
  • LINKS
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  1. GETTING STARTED

Understanding approval transactions

When using the USDFI Protocol for the first time, you will be required to approve the token that you wish to swap or add liquidity to. This gives the USDFI Protocol permission to access the token in your wallet and execute the swap or liquidity addition.

It is important to note that each token from a specific wallet will require a one-time approval. This means that once a token has been approved for use in the USDFI Protocol, it will not need to be approved again for future swaps or liquidity additions.

When swapping tokens on USDFI Protocol, you will be prompted with a message asking for approval. This message may appear as a pop-up or a button labeled "Allow" or "Approve". Once you select this option, you will be able to proceed with the token swap.

It is important to note that approving a token is considered a transaction, and as such, it will require a network fee to be paid. This fee will vary depending on the current network congestion and the specific blockchain being used.

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Last updated 2 years ago