Nostra Founder David Garai stepped down from his position at the DeFi project based on Starknet two weeks after an airdrop campaign. In a message posted on X, Garai announced his resignation as CEO and stated that he plans to make a comeback after taking a break. The Nostra application, supported by Nostra Labs, allows users to lend, borrow, exchange, and bridge cryptocurrencies.
Leadership transition at Nostra
Garai stated that over the past two and a half years, Nostra has become the largest and most profitable protocol on Starknet, generating $2.5 million in annual revenue and reaching a total value of $180 million. According to blockchain data company DeFiLlama, Nostra’s current total value locked is $153.4 million, lower than the $221.4 million prior to the airdrop event. Visit COINTURK FINANCE for the latest financial and business news.
Garai confirmed that Richard Thomas Pryce, the Product Director at Tempus Labs, will assume the role of daily leadership at Nostra Labs. He stated, “Under the leadership of Richard Thomas Pryce, Nostra and its 12 full-time developers will continue to develop product suites, including Nostra Earn.”
Meaning of NSTR token?
The resignation occurred just 11 days after the launch of the NSTR token, which raised questions within the community about the timing. Garai assured that he did not sell any tokens. According to CoinGecko, the total token supply of NSTR is 100 million, with a current market value of $9.6 million. All tokens were unlocked at the time of release, with 11% distributed during the token generation event.
Nostra has allocated the token supply as follows: 25% to project funding, 14% to future airdrop campaigns, 26.2% to investors, and 23.8% to the team. The project claims to be the fairest launch in the cryptocurrency space, with no waiting period for TGE allocation.
Key takeaways for users
Users can infer:
– Keep a close eye on the leadership changes at Nostra as it may impact the project’s direction.
– Monitor the performance of NSTR token, especially in evaluating allocation strategies based on recent events, to understand potential future airdrops and investor actions.
Following Garai’s announcement, Nostra’s token experienced a 4% drop but slightly rebounded. According to CoinGecko, Garai’s current trading price is $0.0967, and he remains optimistic about the future, noting that significant upgrades will mature the Starknet network.
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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware of the high volatility of cryptocurrencies and the associated risks and should conduct their own research.
