Parcl’s airdrop boosts real estate betting platform withdrawals to $74M

Investors have withdrawn more than $74 million from the Solana-based real estate betting platform Parcl after its airdrop snapshot in April. Parcl distributed its PRCL tokens to eligible users on April 15, following a snapshot of users’ point balances on April 3. Since then, users have been pulling funds, causing Parcl’s total value locked to drop by 39.6% to $112.1 million from its peak of $185.6 million on April 2, according to DefiLlama data. Parcl is a decentralized platform that allows users to speculate on real estate market price movements in major cities. Users who participated in the airdrop campaign received 80 million PRCL tokens, which accounts for 8% of the total token supply. The PRCL token initially debuted at $0.62 but fell to as low as $0.45 after the airdrop. It has since slightly recovered to around $0.55. The wider market tumble, including a 7% decrease in Bitcoin, has affected recently airdropped tokens on the Solana network. For example, the native W token of the Wormhole platform is down 54% since its launch on April 3, and the native token of the Tensor platform has tumbled 52.6% since the same date. The decline in Solana’s price, down 30.7% on the month, has also impacted Solana-based tokens. Furthermore, congestion issues on the Solana network resulted in a record 75% of user transactions failing on April 5.