- Some $63 million in deposits left Parcl since a snapshot was taken on April 2 for its airdrop.
- Overall, Solana airdrops have performed poorly in April, with PRCL, W, and TNSR all down double digits in the month.
- Parcl’s Perpetual Points program has already started, allowing users to continue to earn points for another PRCL distribution later in the second quarter.
Liquidity providers on Parcl have pulled $63.4 million in deposits from the protocol since the snapshot for its airdrop was taken on April 2, a decline of around 34%.
The PRCL token faced a similar fate on Tuesday, as users were able to claim their tokens at 2 pm London time. Since then, the price has fallen 27%, according to CoinGecko.
Parcl is a platform on the Solana blockchain that lets users bet on the future price of real estate in markets such as London and New York.
It began an airdrop campaign on December 15 that rewarded users with points for providing liquidity, trading, and referring friends to the protocol. At the time, the platform planned to convert the points to tokens with an airdrop.
Parcl made further details of the airdrop public on March 28, before taking a snapshot of users point balances at 1 am London time on April 2.
On Monday, users were able to see their token allocations before the token went live on Tuesday.
Users who participated in Parcl’s airdrop program were allocated 8% of the total PRCL supply at launch, with the distribution structured into three tiers.
Users holding fewer than 40,000 points received a fixed amount of 20 PRCL. Those with between 40,000 and 1.3 billion points were granted PRCL on a linear scale, proportionate to their point totals.
Meanwhile, the top five largest wallets received 3.75 million, 2.5 million, and three allotments of 1 million PRCL each.
In a novel approach to airdrops, Parcl required users to self-report if they were engaging in “sybiling.” This strategy involves users operating multiple wallets to manipulate the airdrop system, allowing them to potentially earn more than they would with a single wallet.
Users who self-reported their sybiling before the airdrop would lose only the points they had gained from self-referrals. However, those who didn’t self-report and were later discovered to be sybiling would forfeit all their airdrop rewards. It is unknown how many users were actively sybiling.
Poor market conditions
The price of PRCL tokens are falling along with the broader crypto market.
SOL is down 7% on the day and down 36% since the start of the month, and recent airdrops on Solana didn’t perform favourably either.
For example, W, the native token of Wormhole, is down 31% from its April 3 launch. TNSR, the native token for the NFT marketplace Tensor, is down 53% from its April 8 launch.
Still, Parcl has plans to keep users incentivized with its Perpetual Points program.
The Parcl team stated the program will culminate in the largest distribution of PRCL sometime in the later in the second quarter.
As with the first points program, users will be rewarded for providing liquidity and trading on the protocol.
Solana, meanwhile, has struggled with congestion on the blockchain, which has seen more than 50% of transactions failing on the network. The blockchain announced Tuesday that its development team released an update that should alleviate some of this congestion.
Additionally, Ore, a mining protocol on Solana that added to the congestion said it is pausing its activities. It was regularly the top protocol by fee usage on Solana.
The next expected airdrop on Solana is Drift, a derivatives protocol that announced Tuesday it will airdrop 10% of its total token supply to users.
Ryan Celaj is a data correspondent at DL News. Got a tip? Email him at ryan@dlnews.com.
