David Garai, founder of the Starknet-powered crypto project Nostra, has stepped down as CEO just days after the launch of the project’s native token, NSTR. Nostra enables users to lend, borrow, swap, and bridge cryptocurrencies, aiming to offer a comprehensive platform for digital asset management.

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

“I have resigned as CEO of Nostra,” Garai stated. “The great @RTPthefirst will take over as the day-to-day lead of Nostra Labs,” he added, referring to Richard Thomas-Pryce, Nostra’s head of product.

Head of Product to Lead Nostra Team

Garai mentioned that he is taking a break for the first time in four years. However, he assured that Thomas-Pryce and the team are prepared 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 Total Value Locked (TVL). Development doesn’t stop here,” Garai wrote. “Under the leadership of Thomas-Pryce, Nostra and its 12 full-time builders will continue developing the product suite for the Super App. Upcoming features include Nostra Earn and STRK liquid staking, positioning Nostra as a frontrunner in the market.”

Nostra Token Price Fluctuations

Nostra launched with a total supply of 100 million NSTR tokens. The allocation breakdown is as follows:

  • 11% for a community-targeted airdrop
  • 25% to the treasury
  • 14% for future airdrops
  • 26.2% to investors
  • 23.8% to the team

There was no vesting period for these tokens. As of now, Nostra’s market cap is $9.62 million, with the token price hovering around $0.096. The announcement of Garai’s resignation has coincided with a 4% decline in NSTR’s price, which had peaked at $0.21 on June 17.

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