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Fear & Greed:
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Bitcoin:
$ 66.222
BTC Dominance:
% 54.5
Market Cap:
$2.38 T

Parcl Faces $74 Million Exodus Amid Airdrop Fallout

Parcl

The Solana-powered real estate betting platform, Parcl, shocked its investors when the protocol permitted a $74 million withdrawal process following the airdrop snapshots. The troubles of Parcl are just one example of the general market jitters among the Solana-based crypto assets due to network congestion problems.

The mass flight of funds which happened on April 15th was because of the release of PRCL tokens by Parcl on that date. This consequently dropped the total value locked by 39.59% from $185.6 million on April 2 to $112.1 million, as was reported by DefiLlama. Users hastily made withdrawals behind snapshots, showing the anxiety in the platform’s community.

The infrastructure of a decentralized real estate trading platform, with the possibility of speculation, launched 80 million PRCL tokens for an airdrop distribution, which is equivalent to 8% of the token supply of 1 billion. Immediate and dramatic impact followed, as PRCL’s token debuted at $0.62 and swiftly fell to $0.45 in a few hours, stabilizing at $0.55 and later, according to CoinGecko.

Solana Tokens Sink Amidst Network Woes

Parcl’s predicament is not unique. The broader Solana ecosystems are facing almost identical challenges. Definitely, W, the native token of cross-chain bridging platform Wormhole, suffered a 54% drop since its April 3 launch, whereas TNSR, the native token of Solana-based NFT platform Tensor, underwent a 52.6% decline over the same period. In addition to its blockchain losses, the network price of Solana drops by 30.7% within a month due to network congestion issues. The notorious failure of 75% of transactions on April 5 is one example.

Bitcoin suffers from a weekly decline of 7% as the Solana network suffers the most casualties among the newly launched airdropped tokens. The resulting fallout from Parcl’s airdrop emphasizes the precarious aspect of decentralized financial platforms, especially during downturns in markets and network obstacles.

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