David Garai resigned as CEO of Nostra Finance two weeks following the launch of the NSTR token. Richard Thomas-Pryce will assume leadership of the firm.
David Garai, the CEO of the decentralized finance (DeFi) application Nostra Finance, has stepped down days after the launch of the Nostra (NSTR) token. The token went live with an airdrop on June 13 without a vesting period.
Nostra offers DeFi services, including lending, borrowing, swapping, and bridging cryptocurrencies. It aims to be a “crypto super app,” promising users to manage all their crypto needs within a single platform. Nostra is built on and powered by Starknet’s infrastructure.
The Nostra liquidity protocol is designed to make lending and borrowing more user-centric and versatile.
“I have stepped down as CEO of Nostra,” Garai announced on social media platform X, choosing not to elaborate on his reasons. “I’m taking a short break for the first time in four years and will return soon. Stay tuned for my future plans.” The company will now be led by Richard Thomas-Pryce, its Head of Product.
Why is Garai Stepping Down?
Garai’s announcement raised questions about the timing of his resignation, with some users on X claiming that he had “abandoned the community.”
In response, Garai said, “To those who are trying to make a connection between the unlocked launch and my resignation: this is complete bullshit. I have not sold a single token and do not plan on doing so.”
Following the announcement of Garai’s resignation, the NSTR token has declined almost 6%, trading at $0.09308 at the time of writing.
In addition, the token airdrop, announced on June 4, aimed to reward early users. The platform released 11% of its $100 million token supply, making it fully unlocked and available for immediate access and conversion.
Nostra’s Annual Revenue
Nostra is recognized as the “most profitable” protocol on Starknet. It generates $2.5 million in annual revenue. According to data from DefiLlama, Nostra has a total value locked (TVL) of $151.36 million.
Meanwhile, Garai is not the only CEO who has stepped down. For instance, Ahmad Shadid, the CEO and founder of io.net, recently stepped down as CEO two days before the io.net token launch scheduled for June 11, 2024.
The Solana-powered Decentralized Physical Infrastructure Networks (DePIN) Company aggregates GPU resources, providing machine learning startups with access to computing power at a significantly lower cost compared to traditional cloud services.
