David Garai is stepping down as CEO of Nostra Finance just two weeks after the launch of the NSTR token. Richard Thomas-Pryce will take over the company.
Decentralized finance (DeFi) platform Nostra Finance is now under new leadership following the unexpected departure of its CEO.
David Garai announced on June 28 that he would be resigning as CEO, less than two weeks after the Nostra (NSTR) token was launched. The token went live with an airdrop on June 13, which did not include a vesting period.
“I have resigned as CEO of Nostra,” Garai stated on social media platform X, without giving reasons for his decision. “I’m taking a little break for the first time in four years, and then I will be back. Stay tuned for my future plans.”
The company’s head of product, Richard Thomas-Pryce, will now take over as CEO.
Nostra Finance offers various DeFi services, including lending, borrowing, swapping, and bridging cryptocurrencies. It aims to become a “crypto super app,” allowing users to manage all their crypto needs within a single platform. Nostra is built on and powered by Starknet’s infrastructure.
NSTR Token Declines
Following the news of Garai’s resignation, the NSTR token dropped nearly 6%, trading at $0.93 at the time of writing.
The token airdrop was announced on June 4 as a way to reward early adopters. The platform made 11% of its $100 million token supply fully unlocked, allowing immediate access and conversion.
Garai’s resignation has raised questions about the timing of his departure, with some on social media alleging that he “dumped on the community.” In response, Garai wrote:
“To those who are trying to make a connection between the unlocked launch and my resignation: this is completely unfounded. I have not sold a single token and do not plan on doing so.”
Nostra Finance is reported to be the “most profitable” protocol on Starknet, generating $2.5 million in annual revenue. According to data from DefiLlama, the total value locked on Nostra is $151.36 million.
Summary Review: Nostra Finance is experiencing a significant leadership change shortly after the launch of its NSTR token. Former CEO David Garai has stepped down, handing over the reins to Richard Thomas-Pryce, the company’s head of product. The transition comes amid a decline in the NSTR token’s value and speculation about the timing of Garai’s resignation. Despite these challenges, Nostra Finance continues to be a leading DeFi platform on Starknet, with substantial annual revenue and a strong total value locked. The company’s future direction under new leadership will be closely watched by the DeFi community.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
