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Permit signature
A permit signature is a signed message, not a transaction, that gives a spender permission to move your tokens. ERC-2612 defines it for ERC-20 tokens. It does the same job as an on-chain approval but costs the signer no gas, because anyone can submit the signature to the token contract.
What it means for you. Signing a permit costs nothing and sends nothing, so it can feel harmless, yet it lets the named spender take tokens up to the stated amount until the deadline. That is why scam sites ask for permits. The spender address, amount and deadline in the signing request are the parts to read before approving.
Source: ERC-2612: Permit extension for EIP-20 signed approvals · checked 4 October 2026
Token approval
A token approval is a permission you sign that lets another address, usually an app's smart contract, move a set amount of a token from your wallet. Under the ERC-20 standard the approved spender can withdraw repeatedly up to that amount, without asking you again.
What it means for you. Many apps request an unlimited approval. If that contract is malicious or later compromised, it can take the approved tokens from your wallet with no recovery, even after you stop using the app. The approval stays active until you revoke it.
Sources: EIP-20: Token Standard, ethereum.org: How to revoke smart contract access, EIP-721: Non-Fungible Token Standard · checked 4 October 2026