Parcl Users Withdraw $74M Following Airdrop Snapshot
Parcl’s Airdrop Snapshot Triggers Massive Withdrawals
Investors in the Solana-based real estate betting platform, Parcl, have been making significant withdrawals totaling over $74 million after the platform’s recent airdrop snapshot.
Snapshot Triggers Withdrawals
Parcl announced its distribution of native PRCL tokens on April 15 after taking a snapshot of user balances on April 3. Following this announcement, users swiftly began withdrawing funds from the platform, leading to a substantial decline in total value locked.
Total Value Locked Plummets
According to DefiLlama data, Parcl’s total value locked has plummeted by 39.6%, dropping from its peak of $185.6 million on April 2 to $112.1 million. This sharp decrease underscores the magnitude of withdrawals triggered by the airdrop snapshot.
Parcl: A Real Estate Trading Platform
Parcl operates as a decentralized real estate trading platform, enabling users to speculate on the price movements of real estate markets in major cities. The platform’s recent airdrop campaign allocated 80 million PRCL tokens to eligible participants, constituting 8% of the total token supply of 1 billion.
PRCL Token Debut and Price Movement
Following the airdrop, the PRCL token made its debut at $0.62 per token but experienced a dip to as low as $0.45 within four hours. Currently, the token has seen a slight recovery, hovering around $0.55, as reported by CoinGecko.
Market Trends and Token Performance
Amidst broader market volatility, recently airdropped tokens on the Solana network have experienced significant declines. The native W token of Wormhole and TNSR token of Tensor, both launched on April 3, have seen declines of 54% and 52.6%, respectively. These downturns are compounded by a 30.7% decrease in the price of Solana itself.
Solana Network Congestion
In addition to price declines, the Solana network has faced congestion issues, with a record 75% of user transactions failing on April 5. These challenges have further contributed to the downward pressure on Solana-based tokens, including PRCL.
In conclusion, the aftermath of Parcl’s airdrop snapshot has led to significant withdrawals from the platform, highlighting investor reactions and market dynamics within the Solana ecosystem.
You can read more about "Parcl: Transforming Real Estate Investment with Blockchain" on Blouny Magazine #48
No comment