Nostra CEO steps down days after NSTR token launch

David Garai, founder of Starknet-powered crypto project Nostra, has stepped down as the CEO just days after the launch of the project’s native token, NSTR.

Nostra is a platform that allows users to lend, borrow, swap, and bridge crypto.

The project launched its token on June 17, with 100% of the total supply unlocked during the token generation (TGE) event. Meanwhile, Garai resigned as the platform’s CEO today, June 28.

“I have resigned as CEO of Nostra,” Garai said in a statement posted on X. “The great @RTPthefirst will take over as the day-to-day lead of Nostra Labs,” he added, referring to Nostra head of product Richard Thomas-Pryce.

Head of Product to lead Nostra team

Garai said that while he is leaving to take a “lil break for the first time in four years,” Thomas-Price and the team are ready to continue building Nostra.

“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, development doesn’t stop here,” the former CEO wrote. “Under the leadership of [Thomas-Price], Nostra (and its 12 full-time builders) will continue developing the product suite for the Super App, with Nostra Earn coming soon, as well as STRK liquid staking, for which Nostra is well positioned to be the frontrunner.”

Nostra token price drops after news

Nostra launched with a total supply of 100 million NSTR tokens, 11% of which went to an airdrop targeted for the community. The project allocated 25% to the treasury, earmarked 14% for future airdrops, and handed investors and the team 26.2% and 23.8%, respectively.

There was no vesting period for the tokens.

According to data from CoinMarketCap, Nostra’s market cap is currently at $9.62 million, and its price hovers near $0.096. Garai’s resignation news has coincided with a 4% decline for NSTR. On June 17, NSTR’s price reached a high of $0.21.