- Parcl has announced to drop about 7% to 8% of its token’s supply in an airdrop for DeFi real estate traders in April.
Parcl, a Solana-based exchange facilitating trade in real estate indexes, has become the latest project to confirm an airdrop for early adopters.
On Feb. 25, Parcl announced it will launch a PARCL token in April, allowing users to participate in governance as part of the project’s roadmap towards progressive decentralization.
Introducing PRCL
Coming in April, the PRCL Network Token symbolizes a primary step towards the progressive decentralization of the Parcl ecosystem.
Learn more below 🧵
— Parcl Limited (@ParclLimited) February 25, 2024
The project said between 7% and 8% of the token’s supply will be made available to its community, with between 10% and 12% of supply entering circulation in total at launch.
“Holders of PRCL will be able to participate in governance regarding certain parts of the Parcl Protocol,” the project said. “Additionally, they will have access to enhanced utility across data and trading, including incentives within the Protocol ecosystem.”
Parcl said the token will also function as a gating mechanism unlocking access to high-quality real estate data, in addition to fuelling future protocol incentive programs that will be detailed at a later date.
The airdrop announcement follows rampant speculation that a PARCL token could be in the works after the project launched its second campaign offering points to users from Jan. 26.
See Also: Starknet Token Plummets Over 60% Value Amidst Airdrop Controversy And Sell-Offs
Points have emerged in recent months as a popular mechanism that typically formalizes airdrop eligibility.
Parcl innovated on the system by taking a “consistency snapshot” on Jan. 24 in a bid to provide greater rewards to users that were active on its platform prior to the launch of its latest points campaign. Parcl’s first points campaign kicked off in mid-December.
The news follows other high-profile airdrops within the Solana ecosystem, including Jupiter, Jito, and Wen.
Parcl allows users to speculate on indexes tracking the residential real estate markets of various cities worldwide.
“Rather than taking a physical home and putting it onto the blockchain, Parcl allows users to gain exposure to high-demand cities around the globe,” said Trevor Bacon, the CEO of Parcl.
The project launched its v3 iteration in November, precipitating its total value locked (TVL) to surge from a few thousand dollars to more than $75M.
Parcl claims its markets currently boast an open interest of more than $50M.
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