Nostra Finance Gets New Leader as Former CEO David Garai Steps Down

Decentralized finance (DeFi) application Nostra Finance is under new leadership following the departure of its former CEO.

Decentralized finance (DeFi) application Nostra Finance has a new leader 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 providing any further details on 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 drops 6%

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 timing of his resignation, with some on X suggesting that he “dumped on the community.” In response, Garai wrote:

Nostra is reportedly 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.