Nostra founder David Garai announced his resignation from his role in the Starknet-based DeFi project just two weeks after the airdrop event. Garai shared in a post on X that he resigned from his CEO position and would return after a break. The Nostra application, supported by developer Nostra Labs, allows users to lend, borrow, swap, and bridge their cryptocurrencies.
Famous Executive’s Resignation Decision
Over the past two and a half years, Garai announced that Nostra had become the largest and most profitable protocol on Starknet, generating $2.5 million in annual revenue and locking in over $180 million in total value. According to blockchain data analysis firm DeFiLlama, Nostra’s current TVL value is $153.4 million, having reached $221.4 million just before the airdrop event.
Garai stated that Tempus Labs Product Head Richard Thomas-Pryce would take over the daily leadership of Nostra Labs and shared the following:
“Under Richard Thomas-Pryce’s leadership, Nostra and its 12 full-time developers will continue to develop the product suite, including Nostra Earn. We are well-positioned to lead.”
What’s Happening on the NSTR Front?
Garai’s decision came just 11 days after the launch of the NSTR token, prompting some community members to question the timing of his resignation. Garai stated that he had not sold a single token. According to CoinGecko, NSTR’s total supply is 100 million tokens, with a current market cap of $9.6 million. All NSTR tokens were unlocked at launch, with 11% distributed to the community during the token generation event.
According to Nostra, 25% of the token’s total supply is allocated to the project treasury, 14% to future airdrop events, 26.2% to investors, and 23.8% to the team. The project, described as the fairest launch in crypto, has no vesting period for TGE allocations.
Nostra’s token dropped by around 4% immediately after Garai’s announcement and then slightly recovered. According to CoinGecko, NSTR is currently trading at $0.0967. Garai concluded his remarks with the following:
“With significant upgrades coming to accelerate and mature the Starknet network, the time will come. It’s a good time to be cautiously optimistic. I am proud of what we have achieved and what lies ahead.”
