Tensor

Solana

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Parcl

Investors providing liquidity to the Solana-based real estate betting platform Parcl have pulled 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 announcing that it had taken a snapshot of users' point balances on April 3.
Users began pulling funds shortly after the snapshot was taken.&nbsp;Parcl’s total value locked has fallen 39.6% to $112.1 million from its $185.6 million peak on April 2, per DefiLlama <a href="https://defillama.com/protocol/parcl#information" target="_blank" rel="noopener noreferrer nofollow">data</a>.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-04/66f616c6-2c84-4b91-9024-e129f3ed817a.png">
 <figcaption style="text-align: center;">Parcl users have withdrawn more than $74 million since the snapshot. Source: DefiLlama
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Parcl is a decentralized real estate trading platform that allows users to speculate on the price movements of real estate markets in major cities.
Its users who participated in the airdrop campaign were allocated 80 million PRCL tokens — 8% of the total 1 billion token supply.
The platform’s PRCL token debuted at a price of $0.62 and fell as low as $0.45 in the four hours following the airdrop. It has since slightly recovered to around $0.55, according to CoinGecko.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-04/f18d627b-f4ec-48df-bf23-9e3b4526b37a.png">
 <figcaption style="text-align: center;">Parcl’s is down 12.5% over the past 24 hours. Source: CoinGecko
 </figcaption>
</figure>
Amid a <a href="https://cointelegraph.com/news/how-low-can-bitcoin-price-go-analysis-black-swan-event" rel="noopener noreferrer nofollow">wider market tumble</a> that has seen Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) fall more than 7% on the week, recently airdropped tokens on the Solana network have been among the worst performers.
Related: <a href="https://cointelegraph.com/news/solana-developers-tackling-network-congestion" rel="noopener noreferrer nofollow">How Solana developers are tackling network congestion challenges</a>
The native W token of the cross-chain bridging platform Wormhole is currently down 54% <a href="https://cointelegraph.com/news/wormhole-airdrop-attracts-scammers-spoof-tokens-three-billion-valuation" rel="noopener noreferrer nofollow">from its launch</a> on April 3. At the time, the Wormhole airdrop saw more than $800 million distributed to eligible users.
Similarly, TNSR — the native token of the Solana-based NFT platform Tensor — has tumbled 52.6% from its launch on April 3.
Solana-based tokens have been weighed down by a significant decline in the price of Solana (<a href="https://cointelegraph.com/solana-price-index" rel="noopener noreferrer nofollow">SOL</a>) itself, which is currently down 30.7% on the month.
Additionally, the Solana network has <a href="https://cointelegraph.com/news/solana-projects-delay-launch-network-congestion" rel="noopener noreferrer nofollow">been plagued by congestion</a> issues, which saw a <a href="https://cointelegraph.com/news/solana-struggling-record-seventy-five-percent-trasnactions-fail-memecoin-mania" rel="noopener noreferrer nofollow">record 75% of user transactions</a> fail on April 5.
Magazine: <a href="https://cointelegraph.com/magazine/real-risks-ethena-stablecoin-model-not-ones-you-think/" rel="noopener noreferrer nofollow">The real risks to Ethena’s stablecoin model (are not the ones you think)</a>

Withdrawals from real estate betting platform Parcl hit $74M after airdrop

Cointelegraph

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