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Polygon: Explained why MATIC is registering constant gains

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Polygon looks set for July but here's the catch...
Source: Pixabay


Major cryptocurrencies have been falling since a weekend sell-off, but MATIC has been registering constant gains. It’s important to note that Polygon has released a raft of new upgrades on its network recently.

A new change

Polygon is back on the price charts after it released new features to improve user experience. MATIC, at press time, was trading at $0.56 after eyeing a 2.3% push over the last day.

It saw a growth of 10.5% in the last seven days. Part of the reason for Polygon’s gains is the release of new features on its network.

The company posted an update on its blog recently briefing on the matter. Polygon has enabled a feature called “liquid staking” on its network. This will allow users to stake their holdings and retain the liquidity of the tokens.

Polygon has also released data suggesting the growth of the network among other dApps. During this week, Good Ghosting and Slingshot entered the top 20 performing dApps.

The company has formed alliances with several neo-banks to enable the Web3 bridge. The content on its blog read,

 “Neobanks’ participation in the Web3 space can also encourage improvement in governance schemes, including industry-grade codes and self-regulatory tools.”

Another update pertains to WOO network which has launched its multichain DEX on Polygon. This will allow Polygon users to access the decentralized exchange in a seamless fashion.

But, here’s the catch

Polygon suffered a DNS hijacking at the start of the month on its public RPC gateway. The attack compromised control over several services on Polygon’s network.

Well, the attack did not affect the main Polygon PoS network over its course. Nonetheless, attacks such as this can lead to a negative impact on the cryptocurrency.

MATIC may have dodged a bullet here-on but for any sustained growth, there is a need for Polygon to secure its network. Given the sophistication of attackers, network security will be crucial in the future for crypto.

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Kanav is a journalist at AMBCrypto. He has a Masters in Media and International Conflict and is interested in areas of digital society, crypto developments in the political sphere and the socio-cultural impact of a crypto-society.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.