Detailed Explanation of the Cryptocurrency Wallet Argent: Main Features and Usage Guide
Argent wallet aims to build a financial super app for web3 and DeFi.Author: Biscuit, Chain Catcher
Editor: Gu Yu
Cryptocurrency wallets have long been regarded as essential infrastructure in the cryptocurrency digital economy and are also the entry point for decentralized finance (DeFi). However, for a long time, the high usage threshold of most crypto wallets has kept many novice users at bay: users need to understand the concept of private keys and must store them in a very careful manner. Even if users pass the "private key hurdle," they still have to face the complex operations of various DeFi applications.
As a result, many crypto wallets are trying to lower the usage threshold for users, and Argent is one of them, having recently completed a $40 million funding round. This article will introduce the specific features and usage guide of this wallet.
Introduction
Argent is a user-friendly cryptocurrency wallet that features social recovery, trusted contacts, and multi-signature capabilities, headquartered in London, UK. Unlike the familiar Metamask wallet, Argent does not have the concept of seed phrases/private keys but instead manages the wallet through guardians. There are three types of guardians: 1. The user's phone number and email. 2. The user's friends' and family's Argent accounts/phone numbers/emails. 3. The user's other wallets (such as hardware wallets, Metamask).
If a user loses the phone with the Argent wallet installed, they can request wallet recovery on another phone by submitting a request to the Argent smart contract. Argent will send a verification request to the wallet's guardians, and as long as more than half of the guardians confirm, the lost wallet can be recovered after 48 hours. Additionally, if the user does not need to recover the wallet, they can cancel the recovery through the Argent Security Center (security.argent.xyz). Furthermore, all recovery processes in Argent use encryption and cloud storage to ensure that private keys are protected.
Due to Argent's unique account mechanism, it has long only supported the Ethereum mainnet, and users could not add other EVM networks to use corresponding DApps and services. To further lower the transaction fee threshold for users, Argent has added support for layer 2 networks such as zkSync and StarkNet since the end of last year, attracting over 500,000 users.
Currently, the Argent wallet also supports users purchasing cryptocurrencies directly from the app using debit cards or bank transfers, as well as experiencing mainstream decentralized products such as lending and staking, and plans to venture into new fields such as virtual real estate, gaming, DAOs, and NFTs. Argent co-founder and CEO Itamar Lesuisse stated that the wallet aims to build a financial super app for web3 and DeFi.
In terms of funding, Argent has completed three rounds of financing. In November 2018, Argent completed a $4 million seed round with participation from Index Ventures; in March 2020, Argent completed a $12 million Series A round led by Paradigm; in April 2022, Argent completed a $40 million Series B round led by Fabric Ventures and Metaplanet, with participation from Paradigm, Jump, and Animoca.
Usage Guide
- Argent currently offers mobile versions for iOS and Android. Open the official website in a browser: https://www.argent.xyz/, then download and install the app.
- Click "create new wallet" to create a new wallet, and sequentially set your username/email/phone number/6-digit password/message notification mode.
- By default, you enter the zkSync wallet page. Click the top left corner to switch to "Argent Vault." Clicking "Receive" will take you to the recharge page and remind users that the first recharge will incur a fee to "activate" the account.
Click "deposit," then click "view your wallet address," which will display the recharge address. Currently, it supports ETH/DAI/USDC/UST. According to Chain Catcher tests, activating through the zkSync network costs about $1, while activating through Ethereum costs about $35.
- Once the recharge is credited, the activation fee will be automatically deducted, and you will also receive a corresponding email notification.
- Users can directly send tokens from L1 Argent Value to the L2 zkSync network or recharge their Argent zkSync account from other zkSync accounts.
Conclusion
As one of the most important infrastructures in the cryptocurrency industry, the crypto wallet sector, despite Metamask firmly occupying the top position, still attracts many wallets to innovate from niche perspectives to attract users. Many wallets, including BitKeep, Dfns, Sender Wallet, WalletConnect, and Rainbow, have all received funding this year.
Starting from the most crucial aspect of security in crypto wallets, Argent eliminates the concept of private keys/seed phrases and uses features like social recovery to ensure users' ownership of their wallets while lowering the usage threshold, giving it a clear market competitive edge. However, compared to other wallets, Argent wallet users cannot easily switch between most commonly used EVM networks, which may somewhat limit its usage scenarios and make it difficult to establish user stickiness.
