Argent L2 Wallet Review: Top DeFi Wallet for Ethereum DApps

What is Argent Wallet

Argent is a non-custodial wallet, which stores your Ethereum-based digital assets safely. It has many distinctive features and is praised within the crypto community for its smooth user experience, fast transaction speeds, lower-than-typical transaction fees, and peer-supported system for account recovery.

Argent does not just utilize the Ethereum network, it works to improve the Eth ecosystem and the user experience it delivers. It is working on providing faster and safer transactions while setting itself apart from the competition by being incredibly user-friendly. Keep reading to discover why it just might be the best web3-focused wallet for Ethereum DApps.

Argent Wallet Features and Functions

Only Eth-based Tokens 

Argent only supports tokens built on the Ethereum blockchain, which means you cannot store or trade the most popular cryptocurrency - Bitcoin. It supports ETH, DAI, BAT, USDC, and 240+ others. Argent Wallet can hold all Ethereum ERC-20, ERC-721, ERC-1155 tokens safely for you. It supports both Ethereum (Layer 1) and zkSync (Layer 2) seeking to resolve the challenging scalability of Ethereum.

Argent L2 Wallet

In 2022, Argent introduced its L2 Wallet built with zkSync integration. This Layer 2 scalability solution allows faster more cost-effective transaction validation by the networks, which lets you utilize the Ethereum blockchain for a fraction of the cost.

No 12-Word Seed Phrase Required

As you have probably heard experienced crypto users say, “not your keys, not your coins”. However, it could be quite a hassle to keep the seed phrase safe or not lose it, especially for crypto rookies. 

Argent Wallet does not use a 12-word seed phrase that can be forgotten, lost or stolen, which means there is no single point of failure. This makes Argent probably the most simple and secure hot DeFi wallet for Ethereum digital assets on the market. Lost or hacked accounts can be retrieved using a guardian system that can securely verify the real owner of the wallet or an encrypted private key stored on the user's own iCloud / Google Drive. 

Guardian Security System & Account Recovery

Argent utilizes a Guardian System for account recovery and to provide extra security. There are 3 types of guardians:

1. Social Recovery: users can choose trusted members like friends and family to confirm and recover wallet ownership, as well as confirm transactions. 

2. Users can employ his/her own laptop or other hardware devices to lock, unlock and recover their wallets. 

3. Users can choose third-party services for 2-factor authentication.

However, guardians will never have access to your digital assets. If you are still not convinced that a Guardian System is what you might be interested in, check out “Why we need wide adoption of social recovery wallets” article by the creator of Ethereum himself: Vitalik Buterin.

iCloud / Google Drive Key Authentication

Another way to secure your crypto investments is by enabling iCloud / Google Drive recovery mode. Once activated, the Argent app will generate a random “key-encryption-key” (KEK) which is unique to you. Argent can use detected KEK and 2-factor authentication (your phone number associated with the account) to verify genuine ownership. 

48-Hour Wait for Account Recovery

The system requires 48 hours to pass after the initial account recovery request, which gives the real owner time to react and protect the account in case of attempted unauthorized access. Recovering a lost account with KEK and a phone number is free, however account recovery using guardians requires you to pay a fee.

Trusted Addresses

With Argent you can mark addresses you trust. Any transfers to other addresses will be blocked automatically, so withdrawing funds from your account would not be possible even if your account is compromised somehow. 

Low Gas Fees 

Ethereum is notorious for its high gas fees, which is quite an obstacle to wide user adoption. New users are often unpleasantly surprised by how expensive it is to utilize the Ethereum network to purchase digital assets or mint NFTs. 

Argent aims to eliminate these annoying fees and make its ecosystem more accessible to the public. Argent's new L2 wallet created on zkSync brags about its up to 100x cheaper fees than Ethereum. Whether you are a newbie looking to explore the Eth ecosystem or a digital assets aficionado, you will certainly benefit from lower transaction costs and faster transaction speeds on Argent. 

Argent Vault

For clients with $50K plus in digital assets, Argent offers a Vault, which features additional security measures. It utilizes multisig guardians and biometric authentication to provide bulletproof security. It will keep your investments safe without having to use the seed phrase other wallets rely on.

Purchase with Card, ApplePay or Bank Transfer

Argent uses third-party partners Moonpay and Wyre for these fiat-to-crypto transactions. Argent does not charge any additional fees; however, these payment service providers do. You can check out the most current fees on the official Argent website.

Purchase options: Debit/Credit Cards, ApplyPay and Bank TransfersArgent Wallet NFTs

Argent Wallet lets you trade NFTs minted on the Ethereum blockchain through major marketplaces, including OpenSea. Many users prefer to store NFTs with Argent because it is a lot less susceptible to social engineering hacks like Coinbase or MetaMask Wallets. Recently, Argent raised $40 million to build new infrastructure to evolve into the best DeFi wallet for gaming, so expect new and improved functionality for NFTs soon. 

Argent Wallet on PC

Although Argent focuses primarily on the mobile user experience, you can still integrate any DApp that utilizes Wallet Connect with this wallet.

Argent is presently working on enhancing its user experience on the desktop, but the priority remains on the mobile functionality of the app. Currently, you can lock/unlock and recover your wallet through your PC.

Staking

Argent Wallets supports staking so you could earn interest on your digital assets. With this wallet, you can stake Ethereum for much higher returns than you would get using other popular platforms like Binance. It also features leveraged Eth staking for more experienced users, which can yield up to 10% APR.

Layer 2 and zkSync

Argent wallet supports only Ethereum mainnet and Layer 2 on zkSync and warns against using any other sidechains. As the official Argent page states: it is not compatible with any sidechain or other Layer 2 solutions, including Optimism, Polygon, Arbitrum, Starkware and others.

Argent X for StarkNet Wallet Extension

Argent X is the first wallet ever on StarkNet. It is a developer-friendly, open-source wallet available for download through Chrome. Argent X lets you interact with StarkNet Dapps, mint and send NFTs. However, this extension is in its early stage and should only be used for testing and development.

Argent Wallet vs. MetaMask

MetaMask is Argent's biggest competitor. However, it aims to beat MetaMask by offering significantly lower gas fees, an intuitive user-friendly interface, and exceptional security features. You can read our full MetaMask Wallet Review for more details.

Argent Wallet vs. Trust Wallet 

TrustWallet supports more than 60 varieties of blockchains, unlike Argent which only lets you store and trade digital assets on the Ethereum blockchain. Trust Wallet does not charge 0.5% for crypto swaps, unlike Argent. However, both wallets charge gas fees associated with specific networks. Read our entire Trust Wallet Review to find out if it is the best wallet for you.

Argent Wallet vs. Coinbase Wallet

Argent Wallet is a lot less susceptible to common scams like SIM swapping or phishing than the Coinbase Wallet. These socially engineered hacking methods could result in inexperienced users losing all their crypto investments in minutes. In addition, as of January 2023, Coinbase no longer supports XRP, Bitcoin Cash, Ethereum Classic, and XLM. Check out our full Coinbase Wallet Review for more specifics.

Advantages

• Low gas fees for Eth-based protocols

• Safe place to keep and trade NFTs

• Guardian-based security

• No seed phrase to remember

Disadvantages

• Does not support Bitcoin-based assets

• High fees if purchasing through card

Argent L2 Wallet & Argent Vault can be downloaded from GooglePlay or AppStore

Conclusion

Argent Wallet is an excellent choice for newbies who want to get into DeFi and learn about lending/borrowing, liquidity pools, etc. Lower Eth gas fees and an intuitive user-friendly interface give it a real competitive edge over the competition.

Argent’s guardian-based security system is innovative and very effective at keeping your assets safe even if there is an attempt to hack your account. It also lets you recover lost/forgotten accounts without the hassle of having to remember the seed phrase.

Since Argent does not support Bitcoin-based tokens and assets, we cannot say it is a perfect solution for all your digital assets. Also, we generally advise keeping substantial crypto investments in a cold hardware wallet for maximum protection. However, Argent Vault might be an excellent solution for those who can’t be bothered with managing the private key phrase.