London-based DeFi wallet Argent has announced the launch of a new layer-2, eco-friendly crypto wallet that offers drastically reduced transactions costs when interacting with DeFi protocols.
Argent Launches Layer-2 Crypto Wallet
In a bid to make it easier for retail users to interact with the rapidly developing DeFi ecosystem, Argent wallet has unveiled a layer 2 crypto wallet that is based on zkSync, a zero-knowledge proof-based solution geared toward scaling the Ethereum network.
zkSync significantly reduces gas costs while executing a transaction on the Ethereum network without compromising on security or user control. To mention a few of the benefits offered by zkSync, the solution offers low gas transactions with up to 1/100 of L1 gas and is cheaper than optimistic rollup solutions such as Optimism and Arbitrum.
Moreover, zkSync offers 2000+ transactions per second (tps) compared to the Ethereum network’s 14 tps. At the same time, zkSync offers the security of the main Ethereum blockchain and frictionless transfers that enable users to move their digital assets between L1 and Layer 2 without delays.
Today, Argent announced that over 500,000 people had signed up to a waitlist to use the layer 2-based crypto wallet built on zkSync.
According to an official blog post published last month, Argent will commence giving customers early access to the layer 2 account in October 2022.
The team declared:
“We’ll slowly begin to roll out our Layer 2 wallet from October. We chose zkSync over alternatives as it’s the most affordable rollup solution with high transaction speeds and near-frictionless transfers between Layer 1 and Layer 2.”
For the uninitiated, the original Argent wallet was launched in 2018 on the Ethereum network. The team cleared the wallet will remain open for its loyal customers. However, the layer 2 account will become the default for Argent’s new users.
The spokesperson from Argent added that hundreds of thousands of people still use the original service.
Commenting on the development, Itamar Lesuisse, co-founder and CEO of Argent stated that getting access to crypto has become “expensive, slow and less secure.” Notably, Argent’s layer 2 wallet promises to mitigate gas fees to as little as $1. At the same time, the wallet also offers rapid transactions and reduced carbon emission of 95 percent per trade.
Benefits for Users
Argent users will be able to buy, store and send digital assets and also earn interest on tokens via connections to leading DeFi apps such as Aave (AAVE), Lido (LIDO), and Yearn (YFI).
Further, Argent taps the services of crypto payments firm Ramp to enable users to purchase digital assets through fiat currencies.
It should be recalled that Argent raised $12 million in a Series A funding round led by Paradigm in March 2020. Some of the earliest backers of the project include the likes of Index Ventures, Creandum, and Firstminute Capital.
It’s also worthy of note that Argent has also built on a wallet on another Ethereum scaling solution called StarkNet. The wallet, dubbed ArgentX, will also offer affordable transactions to users in a secure manner. The team, however, stated in February that the wallet is a “developer tool, for now.”