I'm sorry but can you explain what this is all about like I'm five years old? I was thinking this is related to the outages in another chain but that doesn't seem to be the case. How is this revocation significant to users? Is this like reversing a transaction you already confirmed or approved in wallets like Metamask?
Before interacting with smart contracts, you must first allow the smart contract to spend your tokens. Therefore, the first time you sign 2 transactions: the 1st transaction is the permission to spend tokens, the 2nd transaction is your operation. In the permission, you specify the amount of tokens that the smart contract can spend, usually by default it is unlimited.If the smart contract is hacked, or you give such permission to a fraudulent smart contract, then you will lose your tokens.
To lose money, you need to give permission to the smart contract.
I have multiple wallets on my ledger. If I need to change the tokens, I transfer them to a "smart contract wallet", make an exchange and transfer the tokens to another wallet that did not give any permissions.
