Solana ecosystem RWA project Parcl is expected to launch its token $PRCL in April this year, with a total supply of 1 billion and an initial community supply of 7% to 8%. With the anticipation of potential airdrops, Parcl’s Total Value Locked (TVL) has skyrocketed and is currently approaching $120 million, nearly quadrupling since the beginning of the year.
Summary:
Starting from last year, Real World Assets (RWA) have become a popular sector in Web3. Some projects have been exploring ways to bring more assets into the crypto world, such as real estate.
One of these projects that recently caught the attention of Odaily is Parcl. Unlike other projects that tokenize individual real estate properties, Parcl has built a regional real estate price index trading product. It has expanded to 10 regions, mainly in US cities, and plans to launch real estate index products for cities such as Hong Kong, London, and Jakarta in the future.
The official announcement states that Parcl will launch its token PRCL in April this year. With the anticipation of potential airdrops, the TVL continues to rise and has currently reached nearly $120 million, nearly quadrupling since the beginning of the year. Odaily has summarized some methods on how to obtain potential airdrop opportunities.
Parcl is a decentralized derivative platform for real estate indexes based on the Solana blockchain.
Parcl’s real estate index is similar to traditional financial REITs (Real Estate Investment Trusts), but instead of directly tokenizing mature REIT products, Parcl Labs collects data points for a specific city region and calculates the current regional real estate market price index. The data is transmitted on-chain through the Pyth oracle by the Parcl development team.
Note: Parcl Labs Price Feed Protocol (PLPF) uses daily price estimates per square foot for residential real estate in multiple markets and property types.
Parcl previously used the V2 version, and Odaily has also translated an article titled “Full Explanation of Solana-based RWA Platform Parcl: How Does RWA Change Real Estate Investment?” which explains the usage process in detail. Interested readers can refer to that article for learning.
Parcl is now executing the V3 protocol version, which expands the liquidity extension suite and introduces decentralized governance and risk control functions to protect LPs and traders from excessive market imbalances. In essence, there is no significant difference in user experience compared to the previous version.
According to the product page, Parcl has a total of 10 tradable real estate market indexes, mainly in US cities. However, it will soon launch cities such as Hong Kong, London, and Jakarta.
Currently, there are no other restrictions on Parcl’s trading, and it can be traded with a value of more than 1 USDT. However, based on observation of the index for each region, the price fluctuations are relatively low. The data in the above chart shows a leverage fluctuation rate of 10x over 3 months.
Therefore, Parcl is more suitable for investors with large funds and a need for asset diversification. Regular investors may be accustomed to the high volatility of the crypto market and may prefer more stable assets in traditional financial markets.
According to data from DeFiLlama, Parcl’s TVL is $119.1 million, nearly quadrupling since the beginning of the year and still growing rapidly. With the upcoming Parcl airdrop, the project has attracted more LPs and traders, which may be the core reason for the growth of Parcl’s TVL.
According to official information, Parcl will launch its token PRCL in April this year, with a total supply of 1 billion and an initial community supply of 7% to 8%. The uses of PRCL tokens can be summarized as follows:
– Data Function: PRCL tokens are integrated into the Parcl Labs API as a access mechanism to obtain high-quality residential real estate data.
– Further protocol incentive programs: Eligible PRCL holders have the opportunity to participate in Perpetual Network Incentives (e.g., points), which will be launched shortly after the initial distribution event.
More details about the token economics will be officially disclosed in March this year, and Odaily will continue to follow up.
To obtain potential airdrop opportunities, the author discovered the following possible airdrop criteria through researching the development history of the Parcl project:
1. Parcl’s point activity: Currently in the second quarter, this point activity adopts three criteria: 4 points per US dollar for LP providers, 2 points per US dollar for traders (calculated at the opening of positions), and 10% points for inviting new users. According to the data, nearly 150,000 people are currently participating in this activity.
2. NFT holders: Parcl issued “Homeowners Association” in May 2022 at a price of 0.5 SOL, but the price fell below the issuance price in less than half a year. Due to the anticipation of airdrops, the price rose to 15 SOL by the end of 2023, and currently, there are no listings on Opensea.
Parcl stands out from other RWA real estate projects, especially based on the technical details of its Parcl Labs-developed real estate market index. The team is more professional, with members coming from Microsoft and well-known financial institutions. The project’s design is also innovative, using a self-developed index-based derivative trading platform, which differs from directly tokenizing traditional financial assets.
Parcl has no access restrictions, making it accessible to most Web3 users (except the US), which also makes it easier to expand.
Although there are no access restrictions, limited returns may become one of the limiting factors for its expansion. Due to the inherent nature of real estate, price fluctuations are lower compared to the crypto market, making it more suitable for investors seeking stability and familiar with real estate. The trading enthusiasm of Web3 users may be hindered.
In addition, according to the token economics model released by Parcl, the initial supply accounts for only 7% to 8%, and some tokens may be rewarded for participating in transactions or adding LPs to attract more users and continuous inflow.
In conclusion, the fundamentals of the Parcl project are good, and the future development will depend on the token strategy after the airdrop.
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