Real Estate Betting Platform Parcl Sends Shockwaves With $74M Airdrop Withdrawals

Earlier this month, Parcl users initiated withdrawals from the protocol following the announcement of a snapshot for its recent airdrop.

Investors contributing liquidity to Parcl, a Solana-based real estate betting platform, have withdrawn over $74 million from the protocol after the airdrop snapshot in April.

Parcl distributed its native PRCL tokens to eligible users on April 15, following the announcement of a snapshot taken on April 3.

Funds began to be withdrawn shortly after the snapshot. According to DefiLlama data, Parcl’s total value locked has decreased by 39.6% to $112.1 million from its peak of $185.6 million on April 2.

Parcl is a decentralized platform enabling users to speculate on real estate market price movements in major cities.

Participants in the airdrop campaign received a total allocation of 80 million PRCL tokens, representing 8% of the token supply of 1 billion.

Following the airdrop, the PRCL token initially debuted at $0.62 and dropped to as low as $0.45 within four hours. It has since slightly rebounded to approximately $0.55, as reported by CoinGecko.

Amidst a broader market downturn where Bitcoin (BTC) has dropped over 7% to $63,475, recently airdropped tokens on the Solana network have been among the hardest hit.

The native W token of cross-chain bridging platform Wormhole has plummeted by 54% since its launch on April 3, despite the platform distributing over $800 million in the airdrop to eligible users.

Similarly, TNSR, the native token of Solana-based NFT platform Tensor, has seen a sharp decline of 52.6% since its April 3 launch.

Solana-based tokens have been affected by the substantial drop in the price of Solana (SOL), which is down 30.7% this month, currently priced at $139.

Furthermore, the Solana network has been grappling with congestion issues, with a staggering 75% of user transactions failing on April 5.

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* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.