After the project’s airdrop snapshot on April 13th, investors providing Liquidity to the real estate betting platform Parcl pulled back $74,000,000 or more in funds. Parcl refunded the PRCL tokens on 15 April to meet its needs, and the SNAPSHOT process was completed on 3 April.
Challenges following Parcl airdrop
As soon as the snapshot was vent, users withdrew their money. The current total value locked at Parcl is $112.1M (or 39.6% below its peak of $185.6M reached on April 2nd), according to DefiLlama data. Parcl is a decentralized real estate trading platform where people can speculate on the prices of existing real estate markets in major world cities.
Its users who participated in the airdrop campaign were allocated 80 million PRCL tokens — 8% of the total 1 billion token supply.
Market volatility
Introduction to PRCL’s platform, where token sales commenced at the rate of $0.62; during the day of airdrop, prices even fell up to $0.85. Initially, there was a slight drop to $0.55, according to CoinGecko.Despite the sinking of the whole market, especially from fairly recent airdrops of SOL network tokens, the Solana-based network W token—has faced a 54% drop from its launch on April 3. Here, the Wormhole airdrop cost more than 800 million Euros which were distributed to only the eligible users.
Source: CoinGecko
The Tensor (TNSR) — the native token for the Solana-based NFT platform Tensor — had lost 52.6% as of April 3 when it was launched.
There is a limit on the Solana-based tokens that may have been dealt with by the sharp drop in the price of Solana itself, which is 30.7% down on the month. One more problem that the Solana network has faced is congestion, which went through a massive streak on April 5, with transaction failures hitting 75%.
