Investors Withdraw $74 Million from Solana-Based Real Estate Betting Platform Parcl Following Airdrop Snapshot
Investors Pull $74 Million from Solana-Based Real Estate Betting Platform Parcl Following Airdrop
Investors providing liquidity to the Solana-based real estate betting platform Parcl have withdrawn more than $74 million from the protocol following its airdrop snapshot earlier in April. Parcl distributed its native PRCL tokens to eligible users on April 15 after taking a snapshot of users’ point balances on April 3.
Users began pulling funds shortly after the snapshot was taken, leading to a 39.6% decrease in Parcl’s total value locked, which now stands at $112.1 million compared to its peak of $185.6 million on April 2, according to DefiLlama data. Since the snapshot, Parcl users have withdrawn over $74 million.
Parcl is a decentralized real estate trading platform that allows users to speculate on the price movements of real estate markets in major cities. Users who participated in the airdrop campaign were allocated 80 million PRCL tokens, representing 8% of the total 1 billion token supply. The PRCL token debuted at $0.62 and dropped to $0.45 post-airdrop, but has since recovered slightly to around $0.55, as per CoinGecko.
Amid a wider market downturn that has seen Bitcoin fall more than 7% on the week, recently airdropped tokens on the Solana network have been among the worst performers. The native W token of the cross-chain bridging platform Wormhole is down 54% from its launch on April 3, while TNSR, the native token of the Solana-based NFT platform Tensor, has tumbled 52.6% since its launch.
Solana-based tokens have been affected by the decline in the price of Solana itself, which is down 30.7% on the month. Additionally, the Solana network has faced congestion issues, with a record 75% of user transactions failing on April 5.
As the market continues to fluctuate, investors in Solana-based projects like Parcl are closely monitoring the situation to make informed decisions about their investments.