The Parcl protocol on Solana experienced a significant 40% decrease in total value locked (TVL) after conducting an airdrop of the PRCL token.

Data from DefiLlama reveals that users withdrew over 40% of the TVL from the Parcl betting platform for the real estate market following the snapshot for the airdrop, reducing the Solana-based project's TVL from $185.6 million to $109 million. In response, the Parcl team identified and penalized addresses suspected of involvement in the Sybil attack.

Following the launch of trading at $1 per token, the PRCL token plummeted to around 50 cents per coin. As of the latest update, the token is trading at 47 cents, marking a 14.5% decrease in price over the past 24 hours.

Parcl recently unveiled its PRCL token on April 16, allowing early adopters of the Parcl ecosystem and core community members to claim the token until December 31.

The airdrop trend has been evident in various cryptocurrency projects, with examples including the cross-chain protocol Wormhole on Solana, which distributed W tokens earlier in the month. Despite initial attention, the coin's price dropped from a high of $1.50 to approximately 60 cents. Additionally, the blockchain ecosystem NFT platform Tensor launched a governance token, with its price initially nearing $2 on April 9 but subsequently declining to around 80 cents.