Decentralized finance (DeFi) application Nostra Finance is under new leadership following the departure of its former CEO.
David Garai announced on June 28 that he was stepping down as CEO less than two weeks after the launch of the Nostra (NSTR) token. The token went live with an airdrop on June 13 without a vesting period.
“I have resigned as CEO of Nostra,” Garai said on social media platform X, without commenting on the reasons behind his decision. “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.”
The company will now be led by its head of product, Richard Thomas-Pryce.
Nostra offers a range of 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.
NSTR token plunges
Following the news, the NSTR token has declined almost 6%, trading at $0.93 at the time of writing.
The token airdrop was announced on June 4 as part of efforts to reward early adopters. The platform made 11% of its $100 million token supply fully unlocked, allowing immediate access and conversion.
Garai’s announcement sparked questions about the time of his resignation, with some on X asserting 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 complete bullshit. I have not sold a single token and do not plan on doing so.”
Nostra is said to be the “most profitable” protocol on Starknet, with $2.5 million in annual revenue. Data from DefiLlama shows a total value locked of $151.36 million on Nostra.