Nostra CEO resigns from Starknet after 11 days of token release - NSTR price drops 4%

Nostra founder David Garai has resigned as CEO of the DeFi project based on Starknet less than two weeks after the release of the NSTR token.

"I have resigned as the CEO of Nostra. I will take a break after 4 years of continuous work and then I will be back. Please follow my future plans."

The Nostra app allows users to lend, borrow, swap, and yield digital assets, supported by the developer Nostra Labs. Over the past two and a half years, Garai declared Nostra to be the largest and most profitable protocol on Starknet, with an annual revenue of $2.5 million and a total locked value of over $180 million. Nostra's current TVL is $153.1 million, peaking at $221.4 million just before the airdrop took place.

Source: Defillama

Garai said Tempus Labs' Product Director, Richard Thomas-Pryce, will assume the role of 'daily leader' of Nostra Labs. Tempus Labs is the legal entity behind the company.

"Under the leadership of Richard Thomas-Pryce, Nostra and 12 fulltime builders will continue to develop the product suite for the Super App, soon to be launched Nostra Earn, as well as the STRK liquidity staking that Nostra is well-positioned to lead."

Gerai's decision was made just 11 days after Nostra launched the NSTR token, with some community members questioning the timing of Gerai's resignation. Gerai responded that he had not "sold any tokens".

According to CoinGecko, the total supply of NSTR is 100 million tokens, with a current market capitalization of 9.6 million USD. 100% of NSTR tokens have been unlocked upon launch, with 11% distributed to the community at the token creation event.

Source: Coingecko

According to Nostra, 25% of NSTR's total supply is allocated to the project's treasury, 14% for future airdrops, 26.2% for investors, and 23.8% for the team. The TGE allocations are non-transferable and have no expiration date in the 'world's fairest cryptocurrency launch' as described by the project.

Nostra's token has dropped by about 4% right after Gerai's announcement, before a slight recovery and is currently trading at a price of $0.096.