We are excited to announce the launch of our Allowance Manager. This feature adds to the breadth of Fordefi’s DeFi security features, empowering institutions to better protect themselves against malicious DeFi attacks. Fordefi is proud to be the industry’s first MPC wallet solution to offer institutions the ability to revoke token allowances, edit allowances, and manage token approval workflows, all on one platform.
Fordefi’s Allowance Manager is native to our platform and works at the token level, enabling you to set granular controls without being required to set limitations around dApps or individuals.
Ability to set token allowance limits at time of transaction on Fordefi’s browser extension
Ability to revoke token allowances on Fordefi’s dashboard
Ability to edit and manage all token allowances on Fordefi’s dashboard
Ability to set approval workflows for token allowances in Fordefi’s policy engine
Ability to set trading workflows for token allowances in Fordefi’s policy engine
Granting token approvals are necessary for a majority of DeFi transactions. However, token allowance scams are one of the most prevalent and harmful attacks plaguing DeFi today. One of the largest exploits that highlights the need for token allowance controls happened in late 2021, with Badger DAO Protocol suffering from a $120M attack. In order to make DeFi a safer experience, token approvals and allowances require a higher level of visibility and control. With Fordefi’s Allowance Manager, token approvals and allowance limits are clearly displayed and risks are highlighted, so that you’re better protected against DeFi attacks.
Fordefi’s mission is to enable institutions to securely hold digital assets and safely transact in DeFi. We’re proud to unveil the industry’s first wallet-native allowance manager backed by MPC key management. We are excited to set new DeFi security standards and drive DeFi adoption.
Fordefi’s MPC wallet platform and web3 gateway enables institutions to seamlessly connect to dApps across networks, while keeping digital assets secure. Fordefi is the first institutional wallet and security platform purpose-built for DeFi. Fordefi was founded in 2021 by crypto custody and cybersecurity experts, and designed in close collaboration with crypto industry-leading trading firms, funds and custodians.