Argent’s L2 wallet could bring gas fees as low as $1 on Ethereum

  • Argent aims at 95% better carbon emission efficiency
  • Its layer two wallet will eliminate seed phrases for its non-custodial wallet

Argent, an Ethereum wallet that broke into the scene in 2018, is launching a layer two version. It aims to reduce the cost (in gas transaction fees) incurred when completing transactions on the mainnet and improve environmental sustainability.

According to Argent’s CEO Itamar Lesuisse, Argent will provide fees as low as $1 and also cut carbon emissions by up to 95% in order to remedy the current state, which he described as “expensive, slow and less secure.”

Having chosen zkSync as the preferred layer two on which it built its wallet, Argent said in a statement sent out today that more than 500,000 users have joined the waitlist to use the wallet. Notably, Argent had opened early access to users last October.

The previous version will still remain in use

The launch of the L2 wallet would not mean the demise of the original wallets directly built on Ethereum. The initial wallets will remain, but only as ‘vaults’ to serve its long-term customers, while the L2 wallets are now taking the mantle as Argent’s default wallet accounts.

Argent’s effort will potentially play a major role in revolutionising entry into DeFi ecosystems. For instance, as it offers access to yield products, including Yearn, and enables users to complete crypto trades, users will benefit greatly from the massively reduced costs.

Better non-custodial wallets

As Argent moves into a Layer 2 platform, it is also changing how it handles non-custody. Onwards, Argent will eliminate the need for users to have ‘complex’ seed phrases to secure their wallets.

In their stead, it is introducing ‘guardians,’ who can help recover a wallet, or alternatively, users can safeguard wallets via their iCloud accounts.

This old model with a key and a post-it note in your drawer will never be the way we manage money. With Argent, there’s no seed phrase. You can secure your wallet with your iCloud account, or with guardians. Your friends can act as guardians and help you recover your wallet.” the CEO said.

The said guardians would help with limited security actions and could be a trusted person (family or friend), a hardware wallet, a MetaMask account, or Argent’s 2FA option.

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