Nostra CEO Resigns Shortly After NSTR Token Release
David Garai, the creator of the crypto project Nostra powered by Starknet, has stepped down as CEO shortly after the launch of the project’s native token, NSTR. Nostra is a platform that enables users to lend, borrow, swap, and bridge cryptocurrencies.
The token was released on June 17, with the entire supply unlocked during the token generation event. However, Garai announced his resignation as CEO on June 28. In a statement posted on X, he stated, “I have resigned as CEO of Nostra.” He also mentioned that Richard Thomas-Pryce, the head of product at Nostra, will take over as the day-to-day leader of Nostra Labs.
Garai mentioned that he is leaving to take a break after four years, but expressed confidence in Thomas-Pryce and the team’s ability to continue developing Nostra. He highlighted the team’s accomplishments, stating that they have built Nostra into the largest and most profitable protocol on Starknet, generating $2.5 million annually with over $180 million in total value locked (TVL). He also mentioned upcoming developments such as Nostra Earn and STRK liquid staking.
Following the news of Garai’s resignation, the price of the Nostra token experienced a drop. The project initially launched with 100 million NSTR tokens, with 11% allocated for a community airdrop. The treasury received 25% of the tokens, 14% were earmarked for future airdrops, and investors and the team received 26.2% and 23.8% respectively. There was no vesting period for the tokens.
Currently, Nostra’s market cap stands at $9.62 million, with the token price hovering around $0.096. The announcement of Garai’s resignation coincided with a 4% decline in the NSTR price. On June 17, the price had reached a high of $0.21.
In other news, Worldcoin has partnered with Alchemy to launch World Chain.
