Investors have withdrawn more than $74 million from Parcl, a real estate betting platform built on Solana, following its airdrop snapshot in April. Parcl distributed its native PRCL tokens to eligible users on April 15, after taking a snapshot of users’ point balances on April 3. Shortly after the snapshot, users began pulling funds, resulting in a 39.6% decrease in Parcl’s total value locked, from $185.6 million to $112.1 million, according to DefiLlama data.
Parcl is a decentralized platform that allows users to speculate on real estate market prices in major cities. Users who participated in the airdrop campaign received 80 million PRCL tokens, which account for 8% of the total token supply of 1 billion.
Following the airdrop, the price of the PRCL token initially dropped from $0.62 to as low as $0.45 within four hours. However, it has since recovered slightly to around $0.55, as reported by CoinGecko. Parcl’s token price has seen a 12.5% decrease in the past 24 hours.
The wider market decline, including a more than 7% drop in Bitcoin (BTC) over the week, has affected recently airdropped tokens on the Solana network. The native W token of the cross-chain bridging platform Wormhole has fallen 54% since its launch on April 3, when over $800 million was distributed to eligible users. Similarly, the native token of the Solana-based NFT platform Tensor, TNSR, has dropped 52.6% since its launch on the same day.
Solana-based tokens have been impacted by the decline in the price of Solana (SOL) itself, which has decreased by 30.7% in the past month. Moreover, the Solana network has faced congestion issues, resulting in a record 75% of user transactions failing on April 5.