Nostra Finance, a decentralized finance (DeFi) platform, is undergoing a leadership transition following the departure of its former CEO, David Garai. Garai announced his resignation on June 28, less than two weeks after the launch of the Nostra (NSTR) token. The token debuted with an airdrop on June 13, notable for its lack of a vesting period.
“I have resigned as CEO of Nostra,” Garai shared on social media platform X, refraining from elaborating on his decision. “I’m taking a short break for the first time in 4 years, and then I will be back. Stay tuned for my future plans.”
Richard Thomas-Pryce, the current head of product, will assume leadership of the company moving forward. Nostra Finance provides a suite of DeFi services, including lending, borrowing, cryptocurrency swapping, and bridging. It aspires to become a comprehensive “crypto super app,” aiming to streamline all aspects of cryptocurrency management under one platform. Nostra operates on Starknet’s robust infrastructure.
In response to Garai’s departure, the NSTR token experienced a nearly 6% decline, trading at $0.93 at the time of the announcement.
The token’s airdrop was initially announced on June 4 as part of an initiative to reward early adopters. Notably, 11% of the total $100 million token supply was immediately accessible without any vesting requirements, facilitating immediate utilization and conversion.
Garai’s resignation prompted speculation about the timing of his decision, with some voices on platform X suggesting that he had “dumped on the community.” In response, Garai emphasized:
Nostra Finance is reputed to be the top-performing protocol on Starknet, generating $2.5 million in annual revenue. DefiLlama data indicates a total value locked of $151.36 million on the Nostra platform.
Performance of NSTR token over 24 hours on June 28. Source: CoinMarketCap
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