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For example, Uniswap sets the allowance by default to (2256 - 1), which is the maximum integer value supported by the Ethereum. Then, whenever Uniswap is used to sell some of the approved s, this very high value is adjusted and an event emitted.

The Dai permit function allows a spender to move funds from a user wallet by having the user sign an approval message, rather than an approval transaction on the Ethereum blockchain, which eliminates the initial gas cost of approval. The signed approval message can then be broadcasted by a relayer.

This is how the process will look: Get the contract address of the ERC-20 . Create an instance of the ERC-20 contract using Ethers. js. Call the permit function on the ERC-20 contract, passing in the necessary parameters. Transfer s without needing to pay for an approval transaction.

EIP-2612 is an Ethereum Improvement Proposal that proposes a new standard for permit approvals for ERC-20 s. It introduces the concept of "permit" functions, which allow users to grant permission to others to spend their s in a single transaction.

Permit2 introduces a low-overhead, next-generation approval/meta-tx system to make approvals easier, more secure, and more consistent across applications.

All Uniswap V2 pool s support meta-transaction approvals via the permit function. This obviates the need for a blocking approve transaction before programmatic interactions with pool s can occur.