Managing token permissions just got safer, cheaper and faster
Most users experience a steep learning curve when they first dabble into Decentralised Finance (DeFi) — dealing with complicated token approvals, unexpected slippage or expensive network fees. Here in Bebop, we have a strong commitment to address those issues and deliver the best user experience without compromising security and trade execution.
Today, we are delighted to announce that managing token permissions for trading on Bebop just got safer, cheaper and faster!
What you need to know
Bebop’s new smart contract delivers significant advantages for our users when it comes to managing permissions to trade tokens. You no longer need to worry about spending unnecessary network fees to re-submit or revoke token approvals.
So you might be wondering — how has managing permissions become safer, cheaper and faster? Well, let us unpack some of the benefits:
- Enhanced security: You will be asked for permission to spend any token for 30 days by default on Bebop. Since token permissions are now time-bound, you do not need to actively manage them yourself and they will expire if you’re not trading a particular token any more.
- Saving network fees: You do not need to pay extra network fees the next time you need to re-authorise token permissions, instead you will only be asked to sign an off-chain message which is free for you on Bebop.
- Do more with one click: You can now manage permissions for multiple tokens in one click once they are approved, saving yourself precious time.
What you will see on Bebop
You will notice that we are asking you to re-approve some of the tokens that you have traded before on Bebop — this comes with the new smart contract we released. But from now on our new smart contracts will support the same approvals, so you won’t need to spend more money on that.
Security Tip 💡: Bebop’s smart contracts are immutable as it’s more secure, so new smart contracts have to be deployed for new features to be shipped.
Some tokens will now only ask for a free-to-submit signature that will provide Bebop with the ability to execute your trades for the selected tokens from get go. For some others, you may be required to submit a pay-for approval first, but from then on extending the permissions for 30 days each time will be free. This eliminates the need for you to spend unnecessary network fees over time.
This innovation creates a smoother experience when you execute trades on Bebop, eliminating the need for additional network fees to be paid and thus allowing you to manage token permissions safer, cheaper and faster.
Want to know how it works?
The brilliance of this innovation lies within Permit & Permit2 — a Universal Approval that allows users to grant permissions for protocol to use funds within wallets by signing off-chain messages, instead of submitting costly approval transactions.
Once you have granted token permission on Bebop or another protocol that utilises Permit2, your permission management will be free of costly network fees.
Want to learn more about Permit & Permit2 and how it actually works under the hood? Stay tuned for our next article post where we will deep dive into the technical details!
In the meantime, visit bebop.xyz today to see for yourself how managing token permissions for trading just got safer, cheaper and faster! You can also join our Discord and follow us on Twitter for the latest updates.
