Nostra Founder and CEO David Garai Resigns After Token Airdrop

David Garai, the founder and CEO of the Starknet-based DeFi project Nostra, has resigned from his position. This announcement comes just 11 days after the launch of Nostra's NSTR token.

Starknet-based decentralized finance (DeFi) protocol Nostra has announced the resignation of its founder and CEO, David Garai, just 11 days after launching the project's NSTR token.

In a post on X, Garai announced his decision, stating,

"I have resigned as CEO of Nostra. 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."

Following the announcement, the NSTR token briefly experienced a 4% decline before recovering slightly.

To address concerns regarding the timing of his resignation, Garai emphasized that his decision is not linked to the token's launch conditions. He provided a list of team allocation addresses to demonstrate that he has not sold any tokens, stating,

"There is zero correlation between the timing of the resignation and whether the NSTR token was launched unlocked or locked. This is clearly evident by the fact that the team allocation has not been touched."

Nostra's Growth, Financial Snapshot, and Leadership Transition

Over the past two and a half years, Nostra has achieved significant growth. According to Garai, the protocol has become the largest and most profitable on Starknet, generating $2.5 million in annual revenue and attracting over $180 million in total value locked (TVL). At the time of writing, DeFi Llama reports that Nostra's TVL stands at $148.63 million, having declined from a peak of $221.4 million just prior to the airdrop.

The Nostra app enables users to lend, borrow, swap, and bridge crypto assets. It is supported by Nostra Labs, which will now be led by Richard Thomas-Pryce from Tempus Labs. According to Garai, Nostra will continue to expand its product offerings under Thomas-Pryce's guidance, including the upcoming Nostra Earn and STRK liquid staking.

Community Questions Timing of Nostra CEO's Resignation After Token Airdrop

The timing of Garai's resignation has raised questions within the community, particularly in relation to the recent token airdrop. Several community members expressed concerns regarding the timing of the announcement. However, Garai has maintained that his decision to resign is not influenced by the token's launch conditions.

The total supply of NSTR is 100 million tokens, with a current market capitalization of $9.3 million, according to CoinGecko.

At launch, all NSTR tokens were unlocked, with 11% being airdropped to the community. Additionally, 25% of the total supply is allocated to the project's treasury, 14% to future airdrops, 26.2% to investors, and 23.8% to the team. This launch was described by Nostra as the "fairest launch in crypto."

As Garai steps back for a break, the community anticipates the next chapter for Nostra under its new leadership.