TL;DR:- Approvals are required because Polynomial uses the Ethereum blockchain to settle transactions.

When using a Decentralized Application(dApp) like Polynomial, you must first approve each token you plan to deposit. Polynomial uses smart contracts on the Ethereum blockchain to execute transactions.

To use a smart contract, you must :

  • Permit it to validate your token balance

  • Let it transfer the number of tokens you wish to trade from your wallet.

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