Permit2 in simple terms
@Uniswap 's Permit2 is a new permissioning system that allows users to approve token spending permissions to smart contracts in a completely new way.
Here's how Permit2 works:
User Permissions: Instead of approving specific token amounts to individual smart contracts, users grant permissions to a central Permit2 contract, the first step is to allow the permit address to spend your tokens:
Permissions can be granted to specific smart contracts or to any contract that supports Permit2.
Signature-Based Approvals: When a user wants to interact with a smart contract that requires token spending, they don't need to make a separate approval transaction.
Instead, the user signs a message off-chain using their private key, granting permission to the smart contract to spend a specific amount of tokens on their behalf.
The signed message includes details such as the token address, the amount to be spent, and the smart contract address.
Smart Contract Interaction: When a smart contract wants to spend tokens on behalf of a user, it calls the Permit2 contract with the user's signed message.
The Permit2 contract verifies the signature and checks if the user has granted sufficient permissions to the smart contract.
If the permissions are valid, the Permit2 contract transfers the specified amount of tokens from the user's address to the smart contract.
The Permit2 contract is so to speak just a spender contract that transfers tokens away from users to a target, expected the signature is valid.
@Uniswap 's Permit2 is a new permissioning system that allows users to approve token spending permissions to smart contracts in a completely new way.
Here's how Permit2 works:
User Permissions: Instead of approving specific token amounts to individual smart contracts, users grant permissions to a central Permit2 contract, the first step is to allow the permit address to spend your tokens:
Permissions can be granted to specific smart contracts or to any contract that supports Permit2.
Signature-Based Approvals: When a user wants to interact with a smart contract that requires token spending, they don't need to make a separate approval transaction.
Instead, the user signs a message off-chain using their private key, granting permission to the smart contract to spend a specific amount of tokens on their behalf.
The signed message includes details such as the token address, the amount to be spent, and the smart contract address.
Smart Contract Interaction: When a smart contract wants to spend tokens on behalf of a user, it calls the Permit2 contract with the user's signed message.
The Permit2 contract verifies the signature and checks if the user has granted sufficient permissions to the smart contract.
If the permissions are valid, the Permit2 contract transfers the specified amount of tokens from the user's address to the smart contract.
The Permit2 contract is so to speak just a spender contract that transfers tokens away from users to a target, expected the signature is valid.
• • •
Missing some Tweet in this thread? You can try to
force a refresh
