Parcl, a Solana-based exchange specializing in real estate index trading, has announced a PRCL token airdrop for early adopters.
In a recent post on X, Parcl confirmed its plans to launch the PRCL token in April, allowing users to engage in governance as part of the project’s roadmap towards progressive decentralization.
The exchange aims to allocate between 7% and 8% of the token’s supply to its community, with a total of 10% to 12% of the supply entering circulation upon launch.
PRCL Holders Can Participate in Governance Decisions
With the PRCL token, holders will have the ability to participate in governance decisions concerning specific aspects of the Parcl Protocol.
Additionally, token holders will enjoy enhanced utility in terms of data access and trading, including incentives within the Protocol ecosystem.
Beyond governance, the token will serve as a gateway to high-quality real estate data and fuel future protocol incentive programs, details of which will be disclosed at a later date.
Initial Distribution Details
Token Identifier: PRCL
Wen: April
Total Token Supply: 1,000,000,000
Initial Community Supply: 7-8%
Estimated initial PRCL in circulation: 10-12%
Parcl Limited plans to distribute detailed Tokenomics during March 2024.
— Parcl Limited (@ParclLimited) February 25, 2024
The announcement of the airdrop follows speculation among the crypto community regarding the potential launch of a PRCL token, triggered by Parcl’s second campaign offering points to users starting on January 26.
These points serve as a mechanism to determine airdrop eligibility, and Parcl implemented a “consistency snapshot” on January 24 to reward active platform users before the latest points campaign.
The exchange’s first points campaign commenced in mid-December.
Parcl stands out from traditional real estate blockchain projects by allowing users to speculate on global indexes tracking various cities’ residential real estate markets.
By providing exposure to high-demand cities worldwide, Parcl offers an innovative approach to real estate investment.
Parcl experienced significant growth with the launch of its v3 iteration in November, leading to a surge in total value locked (TVL) from a few thousand dollars to over $75 million.
The exchange currently boasts an open interest of more than $50 million in its markets.
Solana Airdrops Gain Momentum
The airdrop news aligns with the trend of notable token distributions within the Solana ecosystem, with projects like Jupiter and Jito, and Wen also conducting token drops recently.
One of the biggest token airdrops ever on the Solana network was related to Jupiter, a decentralized trading aggregator built on the Solana blockchain, which was executed last month.
As part of the airdrop, the project started distributing roughly $700 million worth of its JUP token to nearly a million wallets.
Meanwhile, Solana continues to make waves in the crypto community as it achieves several significant milestones.
Earlier this year, the network surpassed Ethereum (ETH) in 7-day stablecoin trading volume for the first time ever.
As reported, the value of stablecoin transfers on Solana reached a staggering $103 billion last week, outperforming all other networks.
Ethereum secured the second position with $90.9 billion, followed by Tron with $82.3 billion and BNB Chain with $14.6 billion.
In addition to stablecoin trading volume, Solana also surpassed Ethereum in NFT trade volume in December.
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