By Franklin Smith
Polygon has been attempting to present positive gains since the previous week. Though bears remained in the driver’s seat, sellers didn’t dominate the entire momentum.
While publishing this content, MATIC traded 0.39% down. Nevertheless, the alt stayed 5.61% up within the past seven days. What triggered this uptick? The catalyst behind MATIC’s surge could be the latest Polygon’s ‘Bridge for Gnosis Safe’ launch.
What Is News?
Polygon’s upside actions weren’t unanticipated, as price hikes often follow network upgrades. The coin gained upside momentum due to Bridge for Gnosis Safe’s capabilities.
This new upgrade will allow web3 individuals to transfer Safe assets between Ethereum and Polygon, simplifying the transfer process. Furthermore, the bridge will substantially reduce gas charges related to asset transfer.
Polygon’s blog revealed that the integrations allow users to enjoy the multisig technology of Safe without sacrificing convenience, cost, and security. That means web3 platforms such as DAOs and DeFi protocols can repurpose safe assets without massive gas charges.
MATIC’s Performance
Beware that high volume backed the August 10 price surge. That confirmed a positive future for the altcoin. While writing these lines, MATIC changed hands at $0.935, its market cap hovering at $7,071,071,393.
Though MATIC outshines several cryptocurrencies last week following value surges after the bridge launch, the network has seen daily active addresses decreasing substantially.
That shows fewer users expect to complete transactions on the platform. Nevertheless, active wallets with non-zero balances surged steadily after the August 3 massive plunge, indicating increasing user trust in the protocol.
The Future
The 2022 first half was somewhat promising for Polygon, regardless of the enormous cryptocurrency winter that dominated since early this year.
The monthly transactions surpassed 90 million, while the network’s decentralized applications (Dapps) exceeded 19,000. Furthermore, the 4-hour chart shows MATIC trading inside a constricted range.
Furthermore, MATIC flourished as the overall crypto market noted upsides. Most assets have remained in the green throughout the week. Thus, broad market cues remain crucial for Polygon fans as they can affect price tendencies.
Nevertheless, crypto’s dynamic and volatile nature makes it challenging to remain confident about anything. Nevertheless, the latest MATIC’s uptrend plus network developments and upcoming projects confirmed a better future for the altcoin.
Editorial credit: Dennis Diatel / shutterstock.com