Over $74 Million Withdrawn from Solana-Based Real Estate Platform Parcl Following Airdrop Snapshot
Summary:
After its airdrop snapshot in April, over $74 million has been withdrawn from Parcl, a Solana-based real estate betting platform. The platform's PRCL tokens initially debuted at $0.62 before dropping to $0.45 in the four hours post-airdrop, and then slightly rallying to around $0.55. Amid a wider market downturn, airdropped tokens on the Solana network, including those of Parcl, Wormhole and Tensor, have been among worst performers, with Solana (SOL) registering a month-long drop of 30.7%.
Following an airdrop snapshot in early April, over $74 million has been withdrawn by liquidity providers of Parcl, a betting platform for real estate based on the Solana blockchain. PRCL, the native tokens for Parcl, were handed out to eligible members on April 15, subsequent to a snapshot of point balances taken by the platform on April 3. Withdrawal of funds by users commenced soon after the snapshot. The protocol has seen a sharp decline of 39.6% in its total value locked, plunging from its peak of $185.6 million on April 2 to $112.1 million, as per data from DefiLlama. The platform saw an outflow of more than $74 million since the snapshot.
Parcl, an autonomous platform for speculating real estate market prices in main cities distributed 80 million PRCL tokens - accounting for 8% of the total token supply of 1 billion - to users involved in the airdrop campaign. From its starting price of $0.62, the PRCL token sank to $0.45 within the initial four-hour post-airdrop period before recovering slightly to around $0.55, as per CoinGecko data. Over the last 24 hours, the value of Parcl has diminished by 12.5%.
As Bitcoin (BTC) faced a week-long slump, declining more than 7%, airdropped tokens in the Solana network, including the recent ones, experienced severe losses. For instance, Wormhole’s native W token, a cross-chain bridging platform, has come down by 54% since its April 3 launch. During this launch, the Wormhole airdropped over $800 million to the eligible users. Likewise, the native token (TNSR) of Tensor, a Solana-based NFT platform, dropped 52.6% since its launch on April 3.
The depreciation of Solana (SOL) by 30.7% this month, coupled with network congestion issues that led to 75% transaction failure for users on April 5, have heavily weighed on Solana-based tokens.
Published At
4/17/2024 9:13:18 AM
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