Spending Cap

A spending cap is an approval for a smart contract to draw a certain amount of tokens from your wallet.

All ERC20-based decentralized exchanges use the spending cap to facilitate token deposits.

On Everstrike, the spending cap is used to permit the Everstrike Deposit Contract to draw USDC from your wallet.

Why is the spending cap necessary?

Without the spending cap, tokens cannot be deposited to the Everstrike Deposit Contract.

What should I choose as spending cap?

The amount of tokens that you intend to deposit to Everstrike.

How long does a spending cap last?

There is no time limit on a spending cap. It lasts until one of the following happens:

1) You manually revoke it.

2) The approved contract spends the amount of tokens specified in the cap.

Can I revoke a spending cap?

Yes. Most popular wallets (such as Metamask) support revocation of spending caps.

Typically, you can do it directly through your wallet software.

How can I set a spending cap?

Click 'Deposit' next to the asset that you intend to deposit to Everstrike, and specify the desired deposit amount. The Everstrike Frontend UI will prepare a spending cap transaction for you that you can sign within your wallet and publish to the blockchain.

For a step-by-step guide, refer to How to Deposit, Withdraw and Stake On Everstrike.

How long does it take to set a spending cap?

It depends on the blockchain that you are using, but in general it will take less than 20 minutes. The spending cap transaction needs to receive a specific amount of blockchain confirmations to be considered valid and final.

Why does Metamask display a warning when I try to set a spending cap on Everstrike Mainnet?

Metamask integrates with Blockaid - a transaction monitoring tool, which automatically provides an alert when attempting to grant an untrusted contract permission to spend tokens from your account.

The Everstrike Mainnet Deposit Contract is currently flagged as untrusted by Blockaid on all supported networks (Arbitrum One, Optimism, Polygon). Until its address has been whitelisted by Blockaid, Metamask will automatically display a warning whenever you attempt to set a spending cap on Everstrike Mainnet. Other wallet operations (Deposit, Withdraw, Stake, Mint, Redeem) do not trigger the warning.

What should I do?

Until the Everstrike Mainnet Deposit Contract address has been whitelisted by Blockaid, it is recommended that you exercise extra caution by:

1) Double checking the contract address that you are interacting with (verifying it against the addresses listed below).

2) Follow normal, good security practices, such as only approving the amount of tokens that you intend to deposit, and performing test transactions prior to depositing large amounts.

Official Everstrike Mainnet Deposit Contract addresses:

Arbitrum One - 0x61c62c067f38aa92f5db69a30b03b96c4e0b26d4

Optimism - 0xB9C1EC4647301828Bb10f6B52584201D1C16bC8F

Polygon - 0x4f48c6a228a0bf0c03dc53765930c0cb06f1ecd0