Argent, a cryptocurrency wallet provider, is planning to integrate zksync into its Layer 2 platform. The goal is to provide low-cost gas and faster transactions without compromising security.
Everyone knows that Ethereum transactions have expensive gas fees. It can reach $150 for a single transaction; a situation that is not good for users and can be very frustrating for any crypto beginners.
As a result, various teams have been working on solutions to the problem. Transactions could be processed outside the main Ethereum network to reduce transaction fees (Layer 1). They are called Layer 2 projects.
Some believe that many blockchains (or sidechains) will exist, each with its own set of benefits and problems. The Ethereum Virtual Machine (EVM) is compatible with blockchains like Polygon (previously Matic) and Avalanche. Therefore switching from one to the other doesn’t take much effort. Others think that some transactions will be processed outside of the Ethereum blockchain’s main network. Transactions are essentially transferred to Layer 2 nodes to be processed and batched together.
To address these issues, scaling solutions based on ZK Rollup technology, such as zksync, roll up hundreds of transactions from the main Layer 1 chain and merge them into a single transaction. The transaction is then sent back to the base layer, which alleviates the congestion. These transactions can’t be changed once they’re on the main Ethereum blockchain.
Everyone, everywhere can now access our Layer 2 account.
⛽️ Low gas fees
⚡️ Super fast speeds
📈 Trade, stake and earn
🔐 Bulletproof security
💚 100x less carbon emissions
— Argent (@argentHQ) March 7, 2022
And this is the scalability solution that Argent chose. Argent co-founder and CEO Itamar Lesuisse said, “We had to wait a long time. We skipped a lot of short-term possibilities to make no compromise. That’s why we’ve taken a more opinionated approach.”
Argent says that gas fees for Layer 2 transactions will be as low as $1 per transaction as a result of the integration. Since Argent started working on Layer 2 accounts, approximately 500,000 people have joined up for the waitlist.
What Can You Do on Argent?
Argent believes that by making this move, it will be possible to reach a new audience of mainstream crypto enthusiasts. Argent hopes to create a financial super app for Web3 and DeFi in the future. Revolut is the financial super app’s inventor, and Argent believes they can go beyond.
Users can buy cryptocurrency with a debit card or a bank transfer instantly from the app. For fiat-to-crypto transactions, the company has partnered with Ramp and MoonPay.
After that, users can use the app to exchange cryptocurrency on a decentralized exchange. Argent uses ParaSwap, a decentralized exchange aggregator, to identify the optimum trading pair for whatever you’re selling and buying.
Argent also offers DeFi protocols from partners like Yearn, Lido, Aave, and Gro, which earn interest on your crypto assets. Lesuisse added, “We kept it small because the Layer 2 experience is much more simplified. The lower the costs are, the more concentrated the demand.”
The Argent wallet is one of the most recent trends in the huge range of cryptocurrency wallets, dedicated specifically to Ethereum blockchain users. The Argent wallet allows users to store just Ethereum-based tokens and is compatible with both Android and iOS smartphones. Argent has quickly gained attention as an Ethereum wallet due to the wide range of functionality it provides. The DeFi wallet allows users to keep their private keys and crypto assets in a wallet that is protected by many layers of protection. Users can earn interest and make some free transactions by using the platform’s services.
The wallet’s user interface is one of its advantages. Even if it is not compatible with other blockchains, Argent appeals to a huge audience that wants a simple and safe wallet. Several advanced features have also classified this wallet for experienced users. Those users are better familiar with DeFi and may profit from their crypto assets using the Argent wallet.
Argent is also an open-source project, which means that developers can create their own version of the wallet or analyze the source code. It’s important to understand that Argent is a non-custodial wallet. It means that users keep ownership over their assets, and only they have access to their wallets. To ensure security, the platform provides:
- remote locking
- security techniques including the users’ biometric information
Because there is no seed phrase, users can easily control all of their assets without Argent having any authority over them.
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