Argent Wallet is one of the latest trends in the diversified range of cryptocurrency wallets. The wallet solely helps users who only operate on the Ethereum blockchain. Being a new player in the market, the wallet has quickly gained popularity among crypto enthusiasts. But what makes it stand out from the rest?
In this Argent wallet review, we explore the features, benefits, and drawbacks of the wallet, which may help you decide if it is the right choice.
What is Argent Wallet?
Argent Wallet is a leading Ethereum-based cryptocurrency wallet that launched in 2020. During the time, the wallet was only meant to be a layer one wallet. However, From that time, the demand for Ethereum has grown, and gas fees on the protocol skyrocketed. The team behind the wallet developed a faster, more scalable version, Argent Wallet Layer 2.
The updated version is not a substitute for the Layer 1 counterpart but includes a broader range of benefits. The Layer 1 option remains the wallet’s main settlement layer.
The wallet is available as a mobile app for iOS and Android. It allows you to store, send, earn interest, and invest within the wallet. It also brings in a unique functionality that assists in making decentralized apps (dApps).
The Argent Wallet is decentralized, and only you can access your assets, and nobody has the power to stop you from accessing them.
Pros
- Gives multiple layers of security compared to other crypto wallets.
- It supports tricky wallets and enables easy recovery.
- The wallet gives returns as interest on the assets lent by users through DeFi.
- Has a low gas fee.
Cons
- Smart contract clashes when liquid staking ETH.
- Centralized infrastructure even though it is a decentralized hot wallet.
- The indirect process of storing WBT can be challenging for new users.
How Does Argent Work?
To use Argent Wallet, you must download the mobile app on your iOS or Android smartphone. As the wallet is built on the Ethereum blockchain, your assets are stored, and you control them through the Argent app.
You have complete control over your wallet as you hold the private keys. Argent cannot access your assets or stop you from accessing them. You can also use the funds for other actions like transactions with external dApps.
Argent Wallet Key Features
Argent has some outstanding features. Such custom traits are mainly designed to ensure that you get maximum wallet benefits.
ETH Staking
Argent offers a lucrative Ethereum staking on the Ethereum chain after the merge and cross-chain on leading Layer 1 blockchains like Solana, Polkadot, Terra, and Polygon.
Argent has also integrated Lido Finance as one of its DeFi applications to achieve the requisite staking capabilities. Lido is a central liquid staking platform popular among enthusiasts. Stakers can commit their assets to the platform for profit, and then Lido generates derivative tokens.
Security
Like all crypto wallets, protecting your assets should be your number one concern. Argent operates as one of the most secure wallets. As a non-custodial DeFi wallet, only you can access and control your crypto assets, not even Argent. The platform implements some of the best security features targeted at transfer protection.
Argent implements multi-sig protection, where you can select guardian accounts. There is also a seed-phrase-free wallet recovery. In this way, when you lose the credential to your wallet, you can quickly regain access without seed phrases. The wallet also implements wallet locking, where a guardian can prevent your wallet from making transactions.
Profits from Liquidity Generation
Argent allows for the presence of good liquidity pools. For instance, the USDC/DAI liquidity pool generates about 2.5% of revenue for its liquidity providers. However, it is crucial to note that Argent is more lucrative using the Balancer integration.
Argent Wallet Fees
At its launch, Argent intended to provide fee-free transactions. However, the increase in gas fees made it no longer feasible for them to do so. Argent only charges a 0.5% commission per transaction. The commission is paid in ETH.
Besides that, you may incur the network’s gas fee, which entirely goes to the Ethereum blockchain, facilitating transactions. Gas fees fluctuate based on network congestion. Argent is, however, affordable as it has reduced congestion due to its high transaction processing speeds.
Supported Cryptocurrencies and DApps
The Argent wallet is built on the Ethereum blockchain and is focused on Ethereum. You can access over 240 different Ethereum-based (ERC20) tokens in Argent. Such tokens include ETH, DAI, MKR, LINK, USDT, UNI, and WBTC.
Additionally, the wallet paves the way to access the most popular DeFi dApps from within your wallet. You can easily earn interest by providing liquidity for loans and exchanges with Compound, DAI savings, AAVE, and PoolTogether.
How to Install Argent Wallet Extension on Your Computer
1: Head over to the Chrome browser Argent Wallet extension and click the Add to Chrome button.
Step 2: Click Add Extension on the pop-up button, which allows Chrome to download the extension.
Step 3: Once the downloads s complete, you will be redirected to an Argent X tab with the options to either Create a new wallet or Restore an existing one. Create the new wallet option.
Step 4: Read the disclaimer, check the boxes next to them, and click Continue to proceed.
Step 5: Enter your password, reconfirm it, and click Create Wallet. Finish the process.
Final Thoughts
Argent is a wallet with high potential and comprises a unique combination of functionalities that can be utilized by a vast range of users from varying blockchains. For any user who only deals with the Ethereum blockchain, Argent would be an easy recommendation for those who are okay with maintaining a separate wallet for their Ethereum-based assets.
The only drawback of its functionalities is that it only supports tokens built on the Ethereum blockchain. There is also no desktop app for Argent, only an extension.
FAQs
Is Argent Wallet free?
You do not need to pay a dime to use the Argent wallet.
Is Argent Wallet safe?
Argent Wallet operates as one of the safest software crypto wallets on the market. The wallet is self-custodial and implements more security features like multi-sig, seed-phrase-free wallet recovery, and wallet locking. Such measures prevent unauthorized asset transfers.