David Garai, the CEO of Nostra Finance, resigned on June 28, 2024, just days after the company launched its new NSTR token.
Garai, who had been at the helm for over four years without a break, announced his departure via a post on X, stating his intention to take a brief sabbatical. He also introduced Richard Thomas-Pryce as his successor.
Market reaction and token details
The announcement of Garai’s resignation immediately impacted the market, with the NSTR token experiencing a significant drop. The token’s value decreased by nearly 6%, falling from a previous high of $0.21 to $0.093. This market reaction comes in the wake of the token’s launch on June 17, which featured the complete unlocking of the entire supply of 100 million NSTR tokens.
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
Nostra had initially announced the token on June 4, highlighting plans to distribute a portion through an airdrop to reward early supporters. The allocation strategy included 11% for community airdrops, 14% reserved for future distributions, 25% for the treasury, and the remainder divided between investors and the Nostra team at 26.2% and 23.8%, respectively.
Leadership and strategic directions
In the wake of his resignation, David Garai addressed speculations linking his departure to the token launch. He refuted any misconduct claims, affirming that he had not sold any tokens and dismissing the rumors as unfounded. Garai expressed pride in Nostra’s achievements under his leadership, noting its status as the most profitable protocol and its prominence on Starknet.
He reported that Nostra had amassed $180 million in total value locked (TVL) and generated $2.5 million in revenue over the past year. Looking ahead, Garai shared plans for the company’s expansion, including ventures into STRK liquid staking and the introduction of Nostra Earn.
Nostra Finance’s prospects
Under Richard Thomas-Pryce’s new leadership, Nostra Finance aims to maintain its course and reach new heights. The company, which offers a range of Decentralized Finance (DeFi) services such as lending, swapping, borrowing, and bridging cryptocurrencies and digital assets, aspires to be the single solution for all crypto-related needs. With a promise to manage these needs efficiently within one platform, Nostra continues to position itself as a pivotal player in the DeFi landscape.
Nostra Finance faces a period of transition and opportunity as it navigates the aftermath of its CEO’s resignation and the fluctuating fortunes of its newly launched NSTR token. The company’s forward-looking strategies and robust leadership promise to drive its continued success in the evolving digital finance sector.
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