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

Over $74 million was withdrawn from Parcl, the Solana real estate betting platform, by investors who supplied liquidity to the platform after the airdrop event in early April.

On April 15, Parcl handed out its own PRCL tokens to qualified recipients, following their announcement that they had captured the user balance points on April 3 for this distribution.

After the snapshot was taken, users started withdrawing funds, resulting in a significant decrease in Parcl’s total value locked. According to DefiLama, this figure has dropped by 39.6% from its peak of $185.6 million on April 2, now standing at $112.1 million.

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

Parcl is a decentralized marketplace where users can place bets on the price fluctuations of real estate markets in significant urban areas.

In the airdrop event, 80 million PRCL tokens, equating to 8% of the entire 1 billion token inventory, were distributed among the participants.

The PRCL token from this platform began trading at $0.62 right after its airdrop, but it dipped as low as $0.45 within the first four hours. Currently, its price hovers around $0.55 based on data from CoinGecko.

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

During a broader market decline causing Bitcoin (BTC) to drop over 7% in just a week, tokens newly distributed on the Solana network have experienced particularly significant losses.

The value of Wormhole’s W token has decreased by 54% since it was introduced on April 3. Over $800 million in tokens were distributed during the Wormhole airdrop to those who met the eligibility requirements.)

In a comparable manner, Tensor’s native token, TNSR, which is based on the Solana blockchain and used for their NFT marketplace, has experienced a decrease of 52.6% since its debut on April 3rd.

The value of tokens built on the Solana blockchain has been negatively affected by the recent drop in Solana’s (SOL) price. Solana’s price has decreased by approximately 30.7% over the past month.

Furthermore, the Solana network has experienced significant congestion problems, leading to a failure of approximately 75% of user transactions on April 5.

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2024-04-17 09:20