So, after protecting your own keys, is your money absolutely safe? The world of digital currency is not that simple. I will help you reveal the truth step by step.
We all know that one of the biggest features of blockchains such as ETH is the support for smart contracts. Once you authorize a smart contract to operate your wallet, then in theory, it can do everything within the scope of your authorization to your wallet, including transferring coins to a third party.
For some DAPPs whose source codes are public and audited, such as UNISWAP and PANCAKE, we authorize their smart contracts to operate your wallet, which is generally safe because they themselves will not do evil. However, it is difficult for us to guarantee that there are no loopholes in their smart contract codes. After all, there is always a devil who can defeat you.
First of all, you can check here which smart contracts your wallet has authorized
Enter the wallet address in this text box, and you can check how many authorizations your wallet has. For any authorizations you are not familiar with, you can revoke them here.
Of course, these operations still have certain risks. The best way is to build a core wallet and store a large amount of your coins in this core wallet (if the funds are relatively large, you can choose to store them in a hardware wallet). Only a small amount of coins that need to interact with smart contracts should be transferred to a specific wallet for operation. Once the operation is completed, transfer it back to the core wallet in time, and the core wallet should never authorize any smart contract. This is the simplest and most feasible security measure.
