Tensor

Solana

Wormhole

Parcl

The Parcl protocol on Solana lost 40% of the total value locked after airdropping the PRCL token.
According to data from <a href="https://crypto.news/tag/DefiLlama/" target="_blank" rel="noopener noreferrer nofollow">DefiLlama</a>, users withdrew more than 40% of the total value locked (<a href="https://crypto.news/tag/TVL/" target="_blank" rel="noopener noreferrer nofollow">TVL</a>) from the betting platform for the real estate market Parcl.
<figure class="wp-block-image size-large"><img loading="lazy" width="1024" height="342" src="https://crypto.news/app/uploads/2024/04/Screenshot-2024-04-17-at-17.56.23-1024x342.png" alt="Parcl protocol on Solana lost 40% TVL following airdrop - 31">
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 Source: DefiLlama
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The snapshot was intended for an <a href="https://crypto.news/tag/airdrop/" target="_blank" rel="noopener noreferrer nofollow">airdrop</a> that took place on April 15. However, against the backdrop of his implementation, the TVL of the <a href="https://crypto.news/tag/Solana/" target="_blank" rel="noopener noreferrer nofollow">Solana</a>-based project collapsed from $185.6 million to $109 million. The Parcl team noted that it had fined the addresses of users it suspected of being involved in the Sybil attack.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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 A rough timeline of events ahead: → April 16, 12:59 UTC: PRCL claim goes live via <a href="https://twitter.com/ParclLimited?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@ParclLimited</a> → April 16, 13:00 UTC: PRCL trading begins on CEXs <a href="https://t.co/K4fopEkHrT" target="_blank" rel="noopener noreferrer nofollow">https://t.co/K4fopEkHrT</a>— Parcl (@Parcl) <a href="https://twitter.com/Parcl/status/1779941210481938930?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">April 15, 2024</a>
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After trading began at the opening price of $1, the PRCL token fell to around 50 cents per coin. At the time of writing, the token is trading at 47 cents, having fallen in price by 14.5% over the past 24 hours.
<figure class="wp-block-image size-large"><img loading="lazy" width="1024" height="557" src="https://crypto.news/app/uploads/2024/04/Screenshot-2024-04-17-at-17.48.35-1024x557.png" alt="Parcl protocol on Solana lost 40% TVL following airdrop - 32">
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 Source: CoinMarketCap
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On April 16, Parcl announced the launch of its PRCL token. Early adopters of the Parcl ecosystem and core community members can claim the token until Dec. 31.
Several cryptocurrency projects have announced airdrops. At the beginning of the month, the cross-chain protocol Wormhole on Solana <a href="https://crypto.news/wormholes-w-token-set-for-april-3-launch-secures-major-exchange-listings/" rel="noopener noreferrer nofollow">distributed</a> W tokens, attracting much attention from scammers. After reaching a high of $1.50, the coin’s price also fell to around 60 cents.
Blockchain ecosystem <a href="https://crypto.news/tag/NFT/" target="_blank" rel="noopener noreferrer nofollow">NFT</a> platform Tensor has also <a href="https://twitter.com/TensorFdn/status/1767616700609171508" target="_blank" rel="noopener noreferrer nofollow">launched</a> a governance token. On April 9, the asset’s price approached the $2 mark but has since fallen to around 80 cents.
You might also like: <a href="https://crypto.news/what-is-a-crypto-airdrop-how-does-it-work/" rel="noopener noreferrer nofollow"> What are crypto airdrops: how they work and where to find them </a>

Parcl protocol on Solana lost 40% TVL following airdrop

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