Nostra CEO Resigns 11 Days After NSTR Token Launch

  • Nostra’s CEO has stepped down.
  • The development follows the project’s token launch barely two weeks ago.
  • Some users questioned the timing of the CEO’s departure.

David Garai resigned as the CEO of Nostra on Friday, barely two weeks after the Starknet-based decentralized finance (DeFi) project launched its utility token NSTR.

Garai founded Nostra as a crypto “supper app” allowing users to buy, sell, stake, lend, and borrow digital assets in one place. Per Garai, Nostra has become one of the most profitable protocols on Starknet with $2.5M in annual revenues and $180M in total value locked (TVL).

David Garai Exits Nostra

On June 28, Garai took to X (Twitter) to announce his resignation.

“I have resigned as CEO of Nostra.” Garai wrote. I'm taking a lil break for the first time in 4 years and then I will be back. Stay tuned for my future plans.”

According to the post, Tempus Labs Head of Product Richard Thomas-Pryce takes over from Garai to lead Nostra Labs in its ongoing product development.

“Under the leadership of @RTPthefirst, 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,” Garai said.

While Garai assured users of Nostra’s future, his exit raised eyebrows because it came 11 days after the NSTR token went live with an airdrop that had no vesting periods. Garai’s response to an X user who questioned the timing of his resignation was “I haven’t sold a single token.”

Nostra’s team got an allocation of 25% of NSTR’s total supply of 100 million tokens.

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Written by on 2024-06-28 15:12:41.

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