The market has been rocked by Polygon’s reaction to the SEC litigations. Network expansion slows as MATIC optimism soars, but upcoming technological developments cause optimism.
Several cryptocurrencies have felt the effects of the recent litigations brought by the U.S. Securities and Exchange Commission (SEC) against prominent crypto exchanges, including Binance and Coinbase.
Polygon has taken to Twitter to voice its opinion on the matter. Polygon tweeted their appreciation for their international support community, noting that their service was created and deployed outside the United States.
MATIC has been instrumental in protecting the integrity of the Polygon network from the company’s founding. Polygon thanked government officials and the international market for their efforts and expressed faith in the non-U.S. sector’s continued growth.
Polygon’s answer was well-received by the crypto community, and their stance against the SEC was lauded. This move could boost confidence in MATIC, which has seen a sharp fall recently.
Data collected by LunarCrush shows that there has been a rise in MATIC-related social mentions and interactions. Positive outcomes from these discussions and collaborations might improve MATIC’s long-term prospects.
The current price of MATIC is $0.601. The number of new IP addresses joining the network has slowed significantly during the last several months. Despite the price reductions, the number of MATIC holders has increased.
Existing holders still believed in MATIC, which indicates well for the currency’s future. Total Value Locked (TVL) for Polygon has also dropped significantly.
However, improvements to the network’s DeFi ecosystem may be possible, thanks to the zkEVM development.
Also Read: Nigeria Will Impose A 10% Capital Gains Tax On Crypto
Wallets