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Withdrawal Wave Hits Solana's Parcl Post-Airdrop

2024/04/17 14:56

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Investors withdraw $74 million from Parcl

Investors have extracted over $74 million from the Parcl platform, a Solana-based venture for betting on real estate markets, subsequent to its airdrop event earlier in April. This move reflects a significant decline in user confidence after the airdrop of PRCL tokens, which were distributed to eligible participants on April 15, following a snapshot on April 3.

Starting just after the snapshot, Parcl's total value locked plummeted by 39.6% to $112.1 million, down from its peak of $185.6 million on April 2, according to DefiLlama.

Source Image: DefiLlama

Market fluctuations impact token stability

Parcl allows users to forecast real estate market trends in major cities. Those partaking in the airdrop received a portion of the 80 million PRCL tokens, representing 8% of the total one billion tokens.

Post-airdrop, the price of PRCL tokens initially dropped from $0.62 to $0.45 and has somewhat recovered to approximately $0.55, as reported by CoinGecko.

Solana network's broader troubles

This downturn is part of a larger market slide that includes Bitcoin, which has decreased by over 7% this week. Tokens newly released on the Solana network, including Wormhole’s W token and Tensor’s TNSR token, have faced significant losses, dropping 54% and 52.6% respectively since their launches on April 3.

The Solana network itself has depreciated by 30.7% this month, further troubled by congestion issues that led to a 75% transaction failure rate on April 5.

Dapatkan pemahaman yang lebih luas tentang industri kripto melalui laporan informatif, dan terlibat dalam diskusi mendalam dengan penulis dan pembaca yang berpikiran sama. Anda dipersilakan untuk bergabung dengan kami di komunitas Coinlive kami yang sedang berkembang:https://t.me/CoinliveSG

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