Nostra CEO steps down days after NSTR token launch

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As an analyst with extensive experience in the crypto industry, I believe that Garai’s decision to step down as CEO of Nostra just days after the launch of its native token, NSTR, is noteworthy. The timing of his resignation could raise some questions among investors and observers.

David Garai, the founder of crypto project Nostra which runs on Starknet, recently announced his departure from the role of CEO, occurring shortly after the introduction of the project’s native token, NSTR.

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

On June 17, the project made its token available for circulation during the Token Generation Event (TGE), releasing the entire supply into circulation. However, it was announced on June 28 that Garai had stepped down from his role as CEO.

“Garai stepped down as CEO of Nostra and announced that Richard Thomas-Pryce, our head of product, would assume the role of leading the company’s daily operations at Nostra Labs,” the statement from Garai read on X.

Head of Product to lead Nostra team

Garai announced that he’s taking a short pause in his work on Nostra for the first time in four years, whereas Thomas-Price and the team remain committed to carrying on with the project’s construction.

As a crypto investor in Nostra over the past 2.5 years, I’ve witnessed our team transform it into the most successful and profitable protocol on Starknet, generating an impressive annual revenue of $2.5 million with a total value locked (TVL) exceeding $180 million. However, we’re not content to rest on our laurels.

Nostra token price drops after news

At the inception of Nostra, a grand total of 100 million NSTR tokens were issued. Of this amount, approximately 11 million tokens were distributed through an airdrop intended for the community. The project set aside 25% of the tokens, around 25 million, for the treasury. Furthermore, 14% or roughly 14 million tokens were designated for future airdrops. The investors and the Nostra team each received 26.2% and 23.8% of the tokens respectively, amounting to approximately 26.2 million and 23.8 million tokens.

There was no vesting period for the tokens.

As a crypto investor, I’d say: Based on the information from CoinMarketCap, Nostra’s market capitalization stands at around $9.62 million, with its price hovering close to $0.096. The announcement of Garai’s resignation seems to have caused a 4% dip in the value of NSTR. On the 17th of June, the price of Nostra Token (NSTR) peaked at an impressive $0.21.

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2024-06-28 17:20