A few days after the launch of the token, the CEO of Nostra resigned
Decentralized finance (DeFi) app Nostra Finance is under new leadership following the departure of its former CEO.
Less than two weeks after the launch of the Nostra (NSTR) token, David Garry announced his resignation as CEO on June 28. The token went live on June 13, airtime.
“I have resigned as CEO of Nostra,” Garry said on social media platform X without commenting on the reasons for the decision. “I'm taking a lil break for the first time in 4 years and I'll be back. Stay tuned for my future plans.”
The company is now led by its chief product officer, Richard Thomas-Pryce.
Nostra offers a variety of DeFi services, including lending, borrowing, exchanging and linking cryptocurrencies. It aims to be a “crypto super app” that promises users to manage all their crypto needs in one platform. Nostra is built on Starknet infrastructure.
NSTR token will fail
Following the news, the NSTR token is down about 6%, trading at $0.93 at the time of writing.
The token airdrop was announced on June 4 as part of an effort to reward early adopters. The platform's $100 million token supply is 11% fully unlocked, allowing immediate access and exchange.
Gary's announcement sparked questions about the timing of his resignation, with some saying he had “put a damper on the community” at X. In response, Gary wrote:
“For those trying to make a connection between the launch and my resignation, this is complete bullshit. I have not sold any tokens and I do not intend to do so.
Nostra is said to be the “most profitable” protocol on Starknet, earning $2.5 million per year. Data from Defillama shows a total value of $151.36 million has been locked in on Nostra.
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