- Parcl has witnessed massive withdrawals.
- The development came after the protocol’s massive airdrop.
- Other airdropped tokens on the Solana blockchain have also shown a weak performance.
Solana-based real estate betting platform Parcl has witnessed tens of millions in withdrawals since the protocol took its airdrop snapshot on April 3, DefiLlama data shows.
Founded in 2021, Parcl is a decentralized platform offering city indices that allow traders to speculate on the price movements of real estate markets across the globe. The protocol distributed 80 million PRCL tokens to its eligible users on Monday at an initial value of $0.8255.
Parcl Loses 40% TVL After Airdrop
According to the data, Parcl users began withdrawing funds from the protocol shortly after the snapshot, pulling as much as 40% of the total value locked (TVL) as of April 17. At last check, the TVL had fallen to $107.99 million from its $185.6 million peak on April 2.
PRCL’s price also dropped after the airdrop, falling from its debut price of $0.61 to $0.45 within 4 hours. CoinMarketCap data shows that the token had lost over 20% in the last 24 hours and was exchanging hands at $0.4962 as of press time.
While Parcl has yet to address the matter, the massive withdrawal has not surprised keen observers, as weak performances by airdropped tokens on the Solana blockchain are slowly becoming a trend.
PRCL’s drastic performance follows Wormhole’s W, which has plunged 56.4% since its April 3 launch, and Tensor’s TNSR, which has lost nearly half its value since its airdrop. Meanwhile, Solana has lost 18.58% in the last week and 30% in the last 30 days.
Read how Solana intends to solve its congestion issues:
Solana Releases Update to “Alleviate the Ongoing Congestion”
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Omni Network (OMNI) Debuts on Binance Launchpool as 52nd Project
