David Garai has resigned as CEO a few days after the introduction of NSTR, the project’s native token.
Users can lend, borrow, swap, and bridge cryptocurrency on the Nostra platform. With 100% of the whole supply unlocked during the token generation event (TGE), the project debuted its token on June 17. As for Garai, he left his position as the platform’s CEO today, June 28.
“I have resigned as CEO of Nostra,” Garai said in a statement posted on X. “The great @RTPthefirst will take over as the day-to-day lead of Nostra Labs,” he added, referring to Nostra head of product Richard Thomas-Pryce.
Garai said that while he is leaving to take a “lil break for the first time in four years,” Thomas-Price and the team are ready to continue building Nostra.
“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, development doesn’t stop here,” the former CEO wrote.
“Under the leadership of [Thomas-Price], Nostra (and its 12 full-time builders) will continue developing the product suite for the Super App, with Nostra Earn coming soon, as well as STRK liquid staking, for which Nostra is well positioned to be the frontrunner.”
Nostra Token Price Drops After News
After announcement, the price of Nostra token declines. Of the 100 million NSTR tokens that Nostra had at launch, 11% were given away as part of a community-focused airdrop.
25% of the project’s proceeds went to the Treasury, 14% was set aside for upcoming airdrops, and the remaining 26.2% was distributed to investors and the crew.
The tokens did not have a vesting period. Nostra’s price is now around $0.096 and its market capitalization is $9.62 million, as per CoinMarketCap data. NSTR has declined by 4% since Garai’s resignation was announced. The price of NSTR peaked at $0.21 on June 17.
