Polygon [MATIC] releases new features to entice developers and lure in new users

• Polygon recorded a significant increase in code commits and core developer count. 
• MATIC’s network growth rejuvenated since the start of May, indicating that upgrades were attracting new users.

Polygon [MATIC] recorded a significant increase in code commits and core developer count since the start of May, as indicated by data from Token Terminal. This underlines its commitment to achieve key network milestones in the days to come.

How much are 1,10,100 MATICs worth today

Development activity is an important measure of a blockchain network’s prospects. A project with a large pool of developers indicates that it is steadfast in bringing feature enhancements which would improve the overall functionality.

Source: Token Terminal

As per a 3 May announcement, Polygon launched three updates to make it easier for developers to integrate a decentralized identity into dApps.

??? THREE exciting updates were made to the #PolygonID Identity Infrastructure tools to make it easier for devs to integrate decentralized identity into dApps.

→ Better Integration
→ Better UX
→ New Tools pic.twitter.com/4d7zT4BZdm

— Polygon (@0xPolygon) May 2, 2023

Exciting times for Polygon developers

Polygon introduced new features to the Polygon ID infrastructure tools which included providing better integration, UX and a host of new tools to assist developers who were building dApps on the chain.

As far as the integration bit was concerned, developers will have the ability to share specific fields from a credential with other parties via the Selective Disclosure feature, enabling them to develop new use cases.

Moreover, with the new JS SDK, developers may build identity clients for a variety of gadgets, including web wallets and browser add-ons.

In order to make the user experience better, Polygon rolled out the new issuer node UI. The node will make it easier to set up, manage, and work with the issuer node. Additionally, push notification support was provided in the mobile SDK and in the reference implementation app.

Apart from this, developer tools and updates like JWZ Validator, Polygon ID smart contracts deployment on mainnet and the recently announced PolygonID DID resolver, were highlighted.

Mixed response to the upgrades

Polygon’s network enhancements grabbed the attention of the crypto community, leading them to come on board. As per Token Terminal, daily active users increased by more than 13% over the last week.

However, despite the jump in active addresses, daily transaction fees collected on the network declined steadily. Over the past 24 hours, the fees plunged 14%.

Source: Token Terminal

State of MATIC

MATIC was the ninth-largest crypto asset by market cap at the time of writing, as per CoinMarketCap data. It was valued at $0.9953, representing a jump of 1.83% in the last 24 hours.

Realistic or not, here’s MATIC’s market cap in BTC terms

After a sharp fall during last week, MATIC’s network growth rejuvenated since the start of May. This indicated that upgrades were attracting new users.

The transaction volume in profit surged to its highest value in more than a month on 2 May, implying that investors started to lock in their gains. The MVRV Ratio also started to ascend towards the positive region, sparking fears of more sell-offs.

Source: Santiment