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Krylon makes a matte finish clearcoat that should be applied in 2-3 coats. It actually provides a harder finish which should minimize cracking and chipping. It also removes any trace of sheen left on the rifle. I made the mistake of not clearcoating my first project and found it necessary to strip and reapply all coatings a second time within a matter of just a few weeks. so far its been worth the extra effort.
I think you are referring to their 1311 matte finish. It looks good, but doesn't seem compatible with the oils and solvents used on firearms. I painted two of my duckguns and sprayed them with the Krylon 1311 matte finish. They looked good, not shiny at all. But, over the space of several months of use, I noticed some black ridges had formed ahead of where my hand sits on the top of the pistol grip and around the edges of the pistol grip. This was the matte finish which had softened and been pushed ahead of my hand through use.
I removed the Krylon and sprayed the guns down with a couple coats of some satin polyurethane finish, then rubbed it down lightly with 4 0 steel wool to cut the shine. It lasted well throughout the last waterfowl season with no apparent deterioration from abrasion or chemicals.