The real estate betting platform based on Solana, Parcl, has seen users withdraw over $74 million following the announcement of its airdrop earlier this month. This wave of withdrawals was triggered by a snapshot of users’ point balances taken on April 3, used to determine eligibility for the PRCL token distribution.
Impressive TVL Drop on Parcl
Following the snapshot and token distribution announcement, Parcl experienced a significant decline in total value locked (TVL) on its platform. According to DefiLlama data, Parcl’s TVL dropped by 39.6%, from $185.6 million on April 2 to $112.1 million. Users started withdrawing their funds shortly after the snapshot, resulting in withdrawals exceeding $74 million.
PRCL Token Performance and Wider Context
Parcl’s PRCL token, which debuted at a price above $1.20, experienced a drop to $0.45 within four hours of the airdrop before stabilizing around $0.50. This performance occurred amidst a general market downturn, with Bitcoin losing over 7% for the week.
Challenges for Solana-based Tokens
In addition to Parcl, other tokens recently distributed via airdrop on the Solana network have also suffered significant losses. The W token from the cross-chain bridge platform Wormhole has dropped by 54% since its launch on April 3, while the TNSR token from Solana-based NFT platform Tensor has decreased by 52.6% since the same day.
The value of Solana-based tokens has been impacted by a significant decrease in the price of SOL itself, which has dropped 30% over the month.
