Nostra CEO Steps Down Days After Token Launch

David Garai, founder of the Starknet-powered cryptocurrency project Nostra, has stepped down from his role as CEO, a decision that came just days after the project’s native token, NSTR, was launched.

Nostra is a multifunctional platform designed to facilitate lending, borrowing, swapping, and bridging of cryptocurrencies. The token was released on June 17, with the total supply being fully unlocked during the token generation event.

Transition of Leadership

On June 28, Garai announced his resignation in a statement posted on X, expressing his intent to take a short break, his first in four years. He also revealed that Richard Thomas-Pryce, the head of product at Nostra, would take over the daily operations as the lead of Nostra Labs.

Garai assured stakeholders of his confidence in Thomas-Pryce and the existing team to continue the project’s growth. The timing of Garai’s departure sparked suspicions and discussions among the community, with some suggesting he might have abandoned the project following the token launch.

I have resigned as CEO of Nostra.

The great @RTPthefirst will take over as the day-to-day lead of Nostra Labs.

Over the last 2.5 years, our team has built Nostra into the largest and most profitable protocol on Starknet, earning $2.5M annually with over $180M TVL.

Of course,…

— DG (@davgarai) June 28, 2024

In a robust response, Garai dismissed these accusations, clarifying that he had not sold any tokens nor planned to do so. He labeled the insinuations that linked his resignation to the token’s launch as baseless.

Garai took pride in the team’s accomplishments, noting that over the past two and a half years, they had established Nostra as the largest and most profitable protocol on Starknet. The project has an annual revenue of $2.5 million and boasts over $180 million in total value locked (TVL).

He emphasized that the project’s development trajectory was set to continue, with Thomas-Pryce at the helm. The roadmap includes expanding Nostra’s product suite, introducing Nostra Earn, and venturing into STRK liquid staking, with Nostra well-positioned to lead in these areas.

Nostra’s Vision and Token Distribution

Positioning itself as a “crypto super app,” Nostra aims to provide a single platform where users can manage all their cryptocurrency transactions. This ambition is supported by leveraging Starknet’s robust infrastructure to offer comprehensive decentralized finance (DeFi) services.

The project had initially announced its token launch on June 4 as part of a strategy to reward early adopters through an airdrop.

The overall allocation of the 100 million NSTR tokens included 11% for community airdrops, 25% to the treasury, 14% earmarked for future airdrops, and 50% distributed among investors and the team, with 26.2% and 23.8% respectively. Notably, there was no vesting period for these tokens.

Market Response and Future Outlook

Following the announcement of Garai’s resignation, the market responded with a slight downturn in the value of the NSTR token, which saw a near 6% drop to $0.93.

According to CoinMarketCap, Nostra’s market cap stands at $9.62 million, with the token price currently near $0.093. On the day of its release, NSTR reached its peak at $0.21. As Nostra transitions to new leadership, the community watches closely to see how the project will advance its DeFi offerings.

Despite the recent changes at the executive level, Nostra remains committed to enriching its suite of services and consolidating its position as a comprehensive crypto management platform.

The team’s focus is on enhancing user experience and expanding the functionality of its applications, ensuring that Nostra continues to lead in the evolving landscape of cryptocurrency solutions.