Parcl TVL Plunges 40% Following 80M PRCL Airdrop to Users

Parcl becomes the latest Solana-based project to exhibit a drastic performance after a massive token airdrop.

Guy's DEFI bubble burst on him.
Created by Kornelija Poderskytė from DailyCoin
  • Parcl has witnessed massive withdrawals.
  • The development came after the protocol’s massive airdrop.
  • Other airdropped tokens on the Solana blockchain have also shown a weak performance.

Solana-based real estate betting platform Parcl has witnessed tens of millions in withdrawals since the protocol took its airdrop snapshot on April 3, DefiLlama data shows.


Founded in 2021, Parcl is a decentralized platform offering city indices that allow traders to speculate on the price movements of real estate markets across the globe. The protocol distributed 80 million PRCL tokens to its eligible users on Monday at an initial value of $0.8255.

Parcl Loses 40% TVL After Airdrop

According to the data, Parcl users began withdrawing funds from the protocol shortly after the snapshot, pulling as much as 40% of the total value locked (TVL) as of April 17. At last check, the TVL had fallen to $107.99 million from its $185.6 million peak on April 2.

Parcl TVL chart.
Source: DefiLlama

PRCL’s price also dropped after the airdrop, falling from its debut price of $0.61 to $0.45 within 4 hours. CoinMarketCap data shows that the token had lost over 20% in the last 24 hours and was exchanging hands at $0.4962 as of press time.

While Parcl has yet to address the matter, the massive withdrawal has not surprised keen observers, as weak performances by airdropped tokens on the Solana blockchain are slowly becoming a trend.

PRCL’s drastic performance follows Wormhole’s W, which has plunged 56.4% since its April 3 launch, and Tensor’s TNSR, which has lost nearly half its value since its airdrop. Meanwhile, Solana has lost 18.58% in the last week and 30% in the last 30 days.  


Read how Solana intends to solve its congestion issues:
Solana Releases Update to “Alleviate the Ongoing Congestion”

Stay updated on Omni Network’s (OMNI) debut on Binance:
Omni Network (OMNI) Debuts on Binance Launchpool as 52nd Project

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.