Short answer: Every time you swap a token or connect to a new site, your wallet may leave behind a permission that lets a contract move your tokens later. Most are harmless, but a stale or malicious approval is one of the most common ways meme coin traders lose funds weeks after a trade. Check your approvals every so often, revoke anything you don't use, and never sign a request you don't understand.
What a token approval actually is
On EVM chains like Base, Ethereum and BNB Chain, a swap usually takes two steps: first you approve a contract to spend a token, then the contract makes the trade. That approval can stay active after the trade is done, and many sites ask for an unlimited amount so you don't have to approve again.
On Solana the model is different, but the same idea applies: signing a delegate or a broad transaction can hand another account the ability to move a token from your wallet.
The risk isn't the approval you just used. It's the old one sitting on a contract you forgot about, or one you signed on a lookalike site.
How to check your approvals (EVM: Base, Ethereum, BNB Chain)
- Open a revoke tool on its real domain. Use a well-known approval checker or your block explorer's token approval page (for example the "Token Approvals" tool on the chain's official explorer). Type the address yourself instead of clicking a link from a DM or reply.
- Connect read-only or paste your public address. Viewing approvals only needs your public address. You never need to share a seed phrase or private key.
- Sort by risk. Look for unlimited allowances, contracts you don't recognize, and approvals on tokens you still hold a lot of.
- Revoke what you don't need. Revoking is a normal on-chain transaction and needs a little gas. Start with unlimited approvals to unknown contracts.
How to check delegates on Solana
- Look up your wallet address on a Solana explorer and open each token account.
- Check whether a delegate is set on any token account. If you didn't set it on purpose, revoke it from your wallet or a trusted tool.
- Be careful with "claim," "airdrop," or "verify wallet" pages. A single signature there can transfer assets out, not just grant a permission.
Red flags before you sign anything
- The site asks you to "verify," "sync," or "validate" your wallet to claim something
- The approval amount is unlimited for a token you only meant to trade once
- The domain is a near-miss spelling of a site you know
- Someone in Telegram DMs you first with a link to "fix" your wallet
- Your wallet preview shows a transfer or a set-authority action you didn't expect
Habits that keep you out of trouble
- Use a separate hot wallet for new meme coin trades and keep long-term holdings somewhere else.
- Read the wallet preview. If you can't tell what a signature does, don't sign it.
- Review approvals monthly, and right away after you interact with a token that later turned out to be a scam.
- Never share your seed phrase. No real support team, bot or admin will ever need it.
FAQ
Does revoking an approval sell my tokens? No. It only removes the contract's permission to move them. Your balance stays the same.
Do I need to revoke after every trade? Not always. Focus on unlimited approvals, contracts you no longer use, and anything you aren't sure about.
Can a revoke tool steal from me? A fake one can. Only use tools you reached by typing the domain yourself, and check what each transaction does before you sign.
Coming soon
MemeSwap's Safe Launchpad is coming soon, built to make new tokens fairer from the first block with anti-sniper launches, bundle detection, LP lock or burn, dev vesting and creator verification on Solana and Base. The MemeSwap wallet app is already out on iOS.
More pre-buy guides:
- Fake Telegram channels: how to spot official vs impostor
- Fair launch meme coins: how to check if a launch was really fair
- Top holder concentration: how to read a holder list
- Honeypot meme coins: how to check you can actually sell
Not financial advice. Meme coins are high risk and can go to zero.
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