Parcl’s airdrop spurs $74M in withdrawals from real estate gambling platform

Investors have withdrawn over $74 million from Parcl, a real estate betting platform on the Solana blockchain, following its airdrop snapshot in April. Parcl distributed its native PRCL tokens to eligible users on April 15, based on a snapshot taken on April 3. Since then, users have been pulling funds, causing Parcl’s total value locked to drop by 39.6% to $112.1 million from its peak of $185.6 million on April 2. Parcl allows users to speculate on the price movements of real estate markets in major cities. The platform allocated 80 million PRCL tokens, which represent 8% of the total token supply, to participants in the airdrop. The PRCL token initially debuted at $0.62 but dropped to as low as $0.45 after the airdrop. It has since recovered slightly to around $0.55. The decline in Parcl and other Solana-based tokens can be attributed to the wider market downturn, as well as issues with network congestion on the Solana blockchain. Solana’s native token, SOL, has also experienced a significant decline of 30.7% in the past month.