Parcl protocol on Solana lost 40% TVL following airdrop

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

According to data from DefiLlama, users withdrew more than 40% of the total value locked (TVL) from the betting platform for the real estate market Parcl.

Source: DefiLlama

The snapshot was intended for an airdrop that took place on April 15. However, against the backdrop of his implementation, the TVL of the Solana-based project collapsed from $185.6 million to $109 million. The Parcl team noted that it had fined the addresses of users it suspected of being involved in the Sybil attack.

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 https://t.co/K4fopEkHrT

— Parcl (@Parcl) April 15, 2024

After trading began at the opening price of $1, the PRCL token fell to around 50 cents per coin. At the time of writing, the token is trading at 47 cents, having fallen in price by 14.5% over the past 24 hours.

Source: CoinMarketCap

On April 16, Parcl announced the launch of its PRCL token. Early adopters of the Parcl ecosystem and core community members can claim the token until Dec. 31.

Several cryptocurrency projects have announced airdrops. At the beginning of the month, the cross-chain protocol Wormhole on Solana distributed W tokens, attracting much attention from scammers. After reaching a high of $1.50, the coin’s price also fell to around 60 cents.

Blockchain ecosystem NFT platform Tensor has also launched a governance token. On April 9, the asset’s price approached the $2 mark but has since fallen to around 80 cents.

You might also like: What are crypto airdrops: how they work and where to find them

Source