Tokenlon is a decentralized exchange (DEX) and payment settlement protocol based on an advanced off-chain Request for Quotation (RFQ) model for atomic currency exchange. During the exchange process, tokens don't leave users' wallets. Moreover, the process is completed on-chain through smart contracts.
The purpose of allowance authorization is to grant the Tokenlon smart contract permission to transfer a token and complete the token exchange process after a user initiates a transaction. You cannot use Tokenlon for currency exchange without authorization.
Authorized Operation steps:
- Turn on the authorization switch
- Send an authorization transaction
- Wait for the transaction to succeed
- When using Tokenlon, exchanging ETH for other tokens does not require authorization, but authorization is needed when exchanging ERC20 tokens.
- Authorization operation does not affect user asset security.