Home » Hot Updates » Argent, a crypto startup on a mission to end gas fees with Layer 2 wallet

Argent, a crypto startup on a mission to end gas fees with Layer 2 wallet

Argent is launching its layer 2 wallet in order to save users on gas fees. It will be using zkSync as its layer 2 in order to implement this. Even with this mission, their solution to cheaper and faster transactions will not compromise on security.

Argent is an Ethereum non-custodial smart wallet for both Android and iOS. As it is non-custodial, users are completely in control of their funds and all transactions are recorded on the blockchain.

The biggest issue that Ethereum has been criticized for is the really high gas fees that usually ranges between $30-$60 with some outliers. This can be excruciating to see especially when making frequent transactions.

Many companies have been on a quest to resolve this issue which has been through handling transactions off the main Ethereum blockchain (layer 1), through projects offering layer 2 solutions.

Examples of blockchains which provide these solutions include Polygon and Avalanche which are compatible with the Ethereum Virtual Machine (EVM). Transactions are sent off the main layer 1 blockchain to the layer 2 nodes in order for them to be batched and processed together.

Once a threshold of transactions have been reached, they are grouped and submitted to the main Ethereum blockchain. Once these groups reach the main Ethereum blockchain, they cannot be altered.

Argent promises gas fees for Layer 2 transactions that should be as low as $1 per transaction. This has gained great traction as 500,000 people have signed up to the waitlist since they started working on Layer 2 accounts.

Photo by Zoltan Tasi

About the author, Leyla Ozturk

Leyla Ozturk, lifelong learner currently immersed in the digital world and the way businesses can step into this world. Deeply fascinated by blockchain, cryptocurrency and the whole Fintech ecosystem. All 3 areas have proven that there are issues within the system, there are ways to improve the system and this disruption is needed for economic growth and improvement.

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