Crypto wallet provider Argent is all set to integrate zksync for its Layer 2 platform. The reason behind the move is to offer low gas and faster transactions, without compromising on security. It is well known that Ethereum transactions are plagued with exorbitant gas fees that go up to $150 to validate a single transaction, a scenario not ideal for users and can be quite discouraging for any crypto newbies.
To solve these, scaling solutions like zksync that are powered by ZK Rollup technology, roll up hundreds of transactions off the main layer 1 chain and merge them into a single transaction. Then, they post this transaction back to the base layer thus alleviating the congestion. Once it’s on the main Ethereum blockchain, these transactions can’t be altered.
And this is why Argent opted for this scaling solution. Argent co-founder and CEO Itamar Lesuisse told, “We waited quite a lot. We skipped a lot of short-term options to make no compromise. That’s why our approach has been a bit more opinionated.”
Through the integration, the crypto wallet firm claims that gas fees for Layer 2 transactions would be as cheap as $1 per transaction. Besides approximately 500,000 people have signed up for the waitlist since Argent started working on Layer 2 accounts,
Revealing more on the same, Lesuisse stated that Argent’s existing Layer 1 wallets would not be scrapped but shall be known from now as ‘Vaults’ to identify with high net worth individuals with millions of dollars worth of crypto assets.
Argent future roadmap
The crypto start-up hopes that the move would help garner a new audience of mainstream crypto enthusiasts. Moreover, the platform wants to create a sort of financial super app for web3 and DeFi. “Revolut is really the inventor of the financial super app and we think we can go beyond,” Lesuisse said.
Beyond that, Argent aims to facilities users to earn interest on their crypto assets through DeFi protocols but is aware that people mostly prefer bigger trading platforms like Coinbase. And that’s what the firm intends to change. “The biggest non-custodial wallet is MetaMask but our main competitor is centralized exchanges,” he said.