Parcl protocol on Solana lost 40% TVL following airdrop

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The Parcl protocol on Solana lost 40% of the total value locked after airdropping the PRCL token.

Based on DefiLlama’s figures, over 40% of the total value invested in the real estate betting platform Parcl was taken out as withdrawals by users.

On April 15, a snapshot was planned for an airdrop. But during its execution, the total value locked (TVL) in the Solana project plummeted from $185.6 million to $109 million. The Parcl team identified some user addresses they believed were implicated in a Sybil attack and imposed fines accordingly.

A rough timeline of events ahead:

→ April 16, 12:59 UTC: PRCL claim goes live via @ParclLimited
→ April 16, 13:00 UTC: PRCL trading begins on CEXs

— Parcl (@Parcl) April 15, 2024

The PRCL token started the day priced at a dollar. However, its value dropped to roughly 50 cents during trading. At present, each token costs approximately 47 cents, representing a 14.5% decrease in price within the last 24 hours.

Starting from April 16, Parcl introduced their new PRCL token into the market. Those who are among the first to engage with Parcl’s platform or belong to its dedicated community have the opportunity to obtain this token before the end of the year (December 31).

Multiple cryptocurrency initiatives have recently announced giveaways in the form of airdrops. At the start of this month, Wormhole on Solana, a cross-chain protocol, distributed W tokens. This move garnered significant interest, including from scammers. The value of the coin peaked at $1.50 but subsequently dropped to approximately 60 cents.

Tensor’s NFT blockchain platform, which is called Tensor, introduced a governance token on April 9. The token’s value reached nearly $2, but it has since dropped to approximately 80 cents.

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2024-04-17 18:53