Chainlink adoption grows despite woeful price performance in April

If one had to name one of the most volatile assets in the world, cryptocurrencies would surely be one of the first names on the list. How often have we heard of project foreclosures following extreme price fluctuations? However, those with a more solid foundational background, such as Chainlink, are more immune to such developments. A woeful price performance in April did not deter institutions from integrating some of the key features LINK has to offer.

Chainlink holders would be all too familiar with how their investments fared in April. The price bared witness to multiple corrections during the month following Bitcoin’s downtrend. Barring a relief rally on April 6, bullish traders were mostly absent, with LINK failing to secure a daily gain above 3.5%. Its monthly ROI was at a negative 29% and at press time, its price was trading close to yearly lows of $10.8.

Well, luckily for Chainlink, price changes did not seem to impede institutional adoption. A highlight reel for April showed that there were 60 new additions to the Chainlink ecosystem, nearly double that of what was secured in March. These additions included several DeFi and V2E platforms, details of which can be found here.

Chainlink links with Latin America

The project recently spread its wings to Latin America after tokenized real estate platform LaProp announced integration of Chainklink’s smart contract automation service, Keepers.

LaProp intends on using Chainlink Keepers to automatically distribute revenue to token holders. LaProp allows its users to invest in a property by purchasing ERC-20 tokens that guarantee a percentage of that property’s revenue streams, including rent and its eventual sale. The firm, which targets Latin American real estate investors, also has plans to integrate Chainlink’s price feeds with a new estate data service.

Speaking on the deal, LaProp CEO and cofounder Alejandro Jaramillo said “Our users can now see the rent distribution smart contract, making the process fully automated, transparent and decentralized,” he said. “They no longer need to trust in a central entity.”

NBA and Chainlink

Other notable developments in the month included an alliance with National Basketball Association. Under the deal, the NBA will integrate Chainlink’s price feeds for its dynamic NFT collection called ‘The Association’. The price feeds will track a player’s live stats and update the NFT card accordingly.

With the crypto horizon still dull after Friday’s correction, the long-term outlook remains cloudy this year. However, Chainlink’s adoptions show that institutions are making distinctions between external worries rather than individual performance. Will this ease erase concerns of institutions disregarding crypto projects during times of uncertainty? It’s still premature to say so but Chainlink’s example would put a few minds at ease.