David Garai, the founder of the crypto project Nostra, which is powered by Starknet, has decided to step down as the CEO shortly after the launch of the project’s native token, NSTR. Nostra is a platform that enables users to lend, borrow, swap, and bridge cryptocurrencies.
The token was introduced on June 17, with the entire supply being made available during the token generation event. However, on June 28, Garai announced his resignation as the CEO of Nostra. In a statement posted on X, he stated, “I have resigned as CEO of Nostra. The great @RTPthefirst will take over as the day-to-day lead of Nostra Labs,” referring to Richard Thomas-Pryce, the head of product at Nostra.
Garai mentioned that he is leaving to take a break after four years, while expressing confidence in Thomas-Pryce and the team to continue developing Nostra. He highlighted the achievements of the team, stating that they have built Nostra into the largest and most profitable protocol on Starknet, generating $2.5 million annually with over $180 million TVL (Total Value Locked). He also mentioned upcoming developments, such as Nostra Earn and STRK liquid staking, positioning Nostra as a frontrunner in the industry.
Following the news of Garai’s resignation, the price of the Nostra token experienced a decline. The project initially launched with a total supply of 100 million NSTR tokens, with a portion allocated for community airdrops, the treasury, future airdrops, and investors/team. Notably, there was no vesting period for the tokens.
As of now, Nostra’s market cap stands at $9.62 million, with the token price hovering around $0.096. The announcement coincided with a 4% decrease in the value of NSTR, whereas on June 17, the token reached a high of $0.21.
In other news, Worldcoin has partnered with Alchemy to launch World Chain.