Nostra founder David Garai has stepped down as CEO of the Starknet-based DeFi project less than two weeks after the release of the NSTR token.
“I have resigned as CEO of Nostra. I will take a break after 4 years of continuous work and then I will return. Please follow my future plans.”
I have resigned as CEO of Nostra.
The great @RTPthefirst will take over as the day-to-day lead of Nostra Labs.
Over the last 2.5 years, our team has built Nostra into the largest and most profitable protocol on Starknet, earning $2.5M annually with over $180M TVL.
Of course,…
— DG (@davgarai) June 28, 2024
The Nostra app allows users to lend, borrow, swap and bridge cryptocurrencies, powered by developer Nostra Labs. Over the past two and a half years, Garai claims Nostra has become the largest and most profitable protocol on Starknet, with annual revenue of $2.5 million and a total value locked of more than $180 million . Nostra’s current TVL is $153.1 million, with a peak of $221.4 million just before the airdrop.
Source: Defillama
Garai said that Tempus Labs Chief Product Officer Richard Thomas-Pryce will assume “day-to-day leadership” of Nostra Labs. Tempus Labs is the legal entity behind the company.
“Under Richard Thomas-Pryce’s leadership, Nostra and its 12 full-time builders will continue to develop the product suite for the Super App, the upcoming launch of Nostra Earn, as well as STRK liquidity staking where Nostra is well positioned to be a leader.”
Gerai’s decision comes just 11 days after Nostra launched the NSTR token, with several community members Make a question about the time Gerai resigned. Gerai reply that he has not “sold a single token.”
According to CoinGecko, the total NSTR supply is 100 million tokens, with a current market capitalization of $9.6 million. 100% of NSTR tokens were unlocked at launch, with 11% distributed to the community at the token generation event.
Source: Coingecko
According to Nostra, 25% of the total supply of NSTR is allocated to the project’s treasury, 14% to future airdrops, 26.2% to investors, and 23.8% to the team. The TGE allocations have no vesting period in what the project describes as “the fairest launch in the crypto world.”
Nostra’s token fell about 4% immediately after Gerai’s announcement, before recovering slightly and is currently trading for $0.096.
Itadori
Bitcoin Magazine
