Thread on the Argent.xyz Wallet, ETH wallet and ZkSync, greatly simplifying the investment in DeFi. It is one of the few mobile wallet or the only one with ZkSync network.
What can we do on Argent? Argent is divided in 2 parts. An eth vault (equivalent to Gnosis safe on mobile for the eth network) and a ZkSync wallet. I discovered Argent while looking for dApp or project about rollup techno.
Aside from rollups, very interesting technology.
A fast and efficient network with low transaction fees. For the uses we talk about 50x less fees than ETH. Once optimized some rollups could reach 100 or 120x less fees than Eth (Not yet the case but we have progress every month on fee reduction).
For the moment on Argent next to the Vault Eth which we will talk about later, we have early access to a wallet for ZkSync.
ZkSync is a rollup based on the ZK Snarks technology.For the more valiant and curious, here is a post by Vitalik on the Zk Snarks.
Otherwise you have this documentation on the Ethereum website.
Let’s get into the details of the ZkSync wallet features:
To use the wallet, and take advantage of the few apps available on Argent you need Eth, you can receive it directly with a fiat payment (Credit Card) or from an Eth wallet.
To do this you will get your nickname that you created when you created your wallet. When you go to the URL: yourpseudo.argent.xyz you will see a profile like this:
By doing “add funds” you can send eth (which are on the Ethereum network). Then you can use the ZkSync network and use the dApp(decentralized applications) available on Argent.xyz
Which dApp can I use?
Trading a currently reduced list of crypto :
- wBTC
- ETH
- AAVE
- DAI
- FRAX
- LINK
- LUNA
- UNI
- USDC
- USDT
- UST
- WETH
- YFI
You would tell me there is not much choice. That’s normal ZkSync is in beta and Argent is only in early access. With time and the deployment of new more stable version there will be more and more possibilities.
The second thing you can do is farm. To do this Argent has chosen 4 apps and “integrated” them into their wallet and interface. With USDC you can do lending with AAVE with a yield of 2.21% APY, or you can use YearnFinance and climb to an APY of 4.87%. Or you can use GRO and climb to 12.87% APY.
So we have seen the first 3 dApp allowing respectively (in order) to do lending, yield with Yearn and yield with leverage on GRO.
The last dApp concerns only eth, it is Lido Finance. This dApp allows you to do liquid staking of eth.
Lido allows you to stake your eth on Eth2.0 and to receive in exchange of your staking tokens that you can use for trading or farming or any other activities.Parlons maintenant du vault ETH (donc sur ETH avec des frais élevés), il propose beaucoup de possibilité :
The dApps integrated in the interface :
- Aave
- Lido
- Balancer
- Compound
- Gro
- Yearn
- Uniswap
You can trade, of course, we are on the Eth network so a wider choice of crypto is available.
Security and recover :
- Guardians: Yes, this is one of the security processes implemented by Argent. It allows you to assign multiple signatories for a transaction or lock your account if your phone has been compromised. It can also be used to recover your account. With guardians you can protect people but also get protected.
- Trusted Adress, a simple removal address filtering system where you won’t need guardians.
- Trusted session, prepare a session (30min or 4h for example) where you won’t need guardians, this is useful if you want to rebalance your wallet.
- Trust lists: configure the dApps you want to use without guardians.
To finish, the only drawback I find with Argent is that it does not let us choose if we want to secure our seed phrase, we can not know it, but it is not them who owns it either. Without guardians you have to share your private key between google drive and Argent (big drawback in my opinion…)
For the rest, it’s a very good wallet with a great UI/UX. Precise explanations and a site full of information about the wallet in general.
And then who knows? Maybe a Argent token soon…
I let you share and retweet if you liked this little presentation ;) and look for more info on their website Argent.xyz
