David Garai, the founder of Nostra, has stepped down from his position at the Starknet-based DeFi project just two weeks after an airdrop event. In a message posted on X, Garai announced his resignation from the CEO role, stating he plans to return after taking a break. The Nostra application, backed by Nostra Labs, allows users to lend, borrow, swap, and bridge cryptocurrencies.
Leadership Transition at Nostra
Over the last two and a half years, Nostra emerged as the largest and most profitable protocol on Starknet, generating $2.5 million annually and locking in $180 million in total value, according to Garai. Blockchain data firm DeFiLlama reported Nostra’s current Total Value Locked (TVL) at $153.4 million, a decrease from $221.4 million before the airdrop event.
Garai confirmed that Richard Thomas-Pryce, Product Head at Tempus Labs, would assume the daily leadership of Nostra Labs. He stated, “Under Richard Thomas-Pryce’s leadership, Nostra and its 12 full-time developers will continue to develop the product suite, including Nostra Earn.”
What Are the Implications for NSTR Token?
The resignation came merely 11 days after the launch of the NSTR token, raising questions among the community about the timing. Garai assured he had not sold any tokens. According to CoinGecko, NSTR has a total supply of 100 million tokens and a current market cap of $9.6 million. All tokens were unlocked at launch, with 11% distributed during the token generation event.
Nostra allocated the token supply as follows: 25% to the project treasury, 14% to future airdrop events, 26.2% to investors, and 23.8% to the team. The project claims to have the fairest launch in the crypto sector, with no vesting period for TGE allocations.
Key Takeaways for Users
User-Usable Inferences
– Keep an eye on Nostra’s leadership changes as it could impact project direction.
– Monitor NSTR token performance, especially in light of recent events.
– Evaluate the allocation strategy to understand potential future airdrops and investor actions.
Following Garai’s announcement, Nostra’s token experienced a 4% drop but rebounded slightly. Currently trading at $0.0967, according to CoinGecko, Garai concluded by expressing optimism for the future, pointing to significant upgrades that will mature the Starknet network.