Nostra Finance CEO Resigns: New Leadership Assumes Control Amid NSTR Token Decline
Summary:
Nostra Finance, a decentralized finance (DeFi) entity, will have a leadership change after former CEO, David Garai, resigned recently. Garai's decision came two weeks after the Nostra (NSTR) token launch. The company, which seeks to offer comprehensive DeFi services, will be managed by the head of product, Richard Thomas-Pryce. Following the announcement, the NSTR token value dipped by nearly 6%. Garai clarified he had not sold any tokens and does not plan to, amidst speculations linking his resignation and the token launch. Currently, Nostra is recognized as Starknet's most profitable protocol with a total value locked of $151.36 million.
The decentralized finance (DeFi) company, Nostra Finance, will henceforth be directed by new management, subsequent to the exit of the former CEO. Former CEO, David Garai revealed his resignation on June 28, a mere fortnight after the introduction of the Nostra (NSTR) token. Launched on June 13 via an airdrop without a vesting phase, the token took to the market. Garai, not providing further details regarding his reasons for leaving, announced on a social media platform X, his departure and need for a short sabbatical. He reassured his followers to anticipate his return and future ventures.
Nostra's product head, Richard Thomas-Pryce would be steering the company henceforth. The company is a provider of a broad spectrum of DeFi services, such as lending, borrowing, swapping and bridging of cryptocurrencies. Its aspiration is to be recognized as a "crypto super app," enabling users to manage their complete crypto necessities within a single portal. Nostra's foundation and spherical operation is Starknet's infrastructure.
Upon the revelation of this CEO shift, the NSTR token slipped approximately 6%, standing at $0.93 at the reporting time. The token's airdrop had earlier been revealed on June 4, aimed at compensating the early bird users. The company made 11% of its $100 million token stockpile entirely available for immediate conversion and access.
Garai's sudden disclosure triggered speculations regarding the timing. Many on social media platform X conjectured that he had "dumped on the community." Garai refuted the allegations, stating that no correlation existed between the unshackled launch and his resignation. He also held that he hadn't sold a single token and did not plan to.
Nostra is currently deemed the "most profitable" Starknet protocol, boasting an annual revenue of $2.5 million. Data procured from DefiLlama reveals a total value locked of $151.36 million at Nostra. Polygon confirmed that it never aspired to outperform Ethereum, according to X Hall of Flame — Anurag Arjun.
Published At
6/28/2024 7:28:21 PM
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