Solana-based decentralized betting platform Parcl has lost around 40% since early April, according to DefiLlama data, resulting in a significant decline in total value locked (TVL). Other Solana-based airdrop tokens, including W and TNSR, also saw a notable drop in value.
Following the airdrop snapshot on April 3, Parcl saw approximately $74 million drained from the protocol, meaning TVL fell sharply from $184.5 million to $110.69 million in about two weeks. The platform distributed native Parcl (PRCL) tokens to eligible users after the snapshot, and the initial TVL dropped significantly after the airdrop.
The airdrop initially distributed 80 million PRCL tokens worth $0.8255 each, but the value of the tokens plummeted to a low of $0.45 before rebounding to $0.5294 at the time of issuance. Launched in February 2023, Parcl allows users to trade assets reflecting major city housing markets through decentralized betting.
Parcl did not respond to inquiries from The Block, but the platform’s large withdrawals are consistent with the weak performance of other Solana-based airdrop tokens. For example, Wormhole’s W token has declined 56.4% since its debut, and Tensor’s TNSR token has lost half its value after an airdrop.
Despite these difficulties, the Solana project continues to hold airdrop events, with decentralized exchanges Drift and Zeta Markets announcing token distribution plans. Solana itself has been grappling with congestion issues in recent weeks, likely exacerbated by spam transactions, but an update has been released to address these issues.
Solana’s price has fallen 18.8% over the past seven days, according to CoinMarketCap data, reflecting a broader decline in cryptocurrency markets, while the GMCI 30 index representing the top 30 cryptocurrencies has fallen 13.79% amid investor caution amid geopolitical factors. . nervous.
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