The Parcl protocol on Solana experienced a significant drop in total value locked (TVL) after conducting an airdrop of the PRCL token. Data from DefiLlama revealed that more than 40% of the TVL was withdrawn from the platform following the airdrop. The TVL of the Solana-based project plummeted from $185.6 million to $109 million after the airdrop on April 15. The Parcl team took action by penalizing addresses suspected of participating in a Sybil attack.

Key Events Timeline:
– April 16, 12:59 UTC: PRCL claim goes live via @ParclLimited
– April 16, 13:00 UTC: PRCL trading begins on CEXs

Following the launch, the PRCL token started trading at $1 but quickly dropped to around 50 cents per coin. Currently, the token is trading at 47 cents, reflecting a 14.5% decrease in price over the past 24 hours, according to CoinMarketCap.

On April 16, Parcl introduced its PRCL token, allowing early adopters and core community members to claim it until Dec. 31. Other cryptocurrency projects have also conducted airdrops recently, including the Wormhole protocol on Solana distributing W tokens and the NFT platform Tensor launching a governance token. These projects saw fluctuations in token prices post-airdrop, with some experiencing significant declines.

For more information on crypto airdrops and how they work, check out our article on Global Crypto News. Stay updated on the latest news and trends in the cryptocurrency space by exploring our website.

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