Nostra Finance, a decentralized finance (DeFi) application, has undergone a change in leadership following the departure of its former CEO. On June 28, David Garai announced his resignation as CEO, just two weeks after the launch of the Nostra (NSTR) token. The token was released with an airdrop on June 13, without any restrictions on its usage.
Garai made the announcement on the social media platform X, stating that he was taking a break after four years and would reveal his future plans later. As a result, Richard Thomas-Pryce, the head of product, will now lead the company.
Nostra Finance offers various DeFi services, such as lending, borrowing, swapping, and bridging cryptocurrencies. Its goal is to become a comprehensive “crypto super app,” providing users with a single platform to manage all their crypto needs. The platform is built on Starknet’s infrastructure.
Following the news of Garai’s resignation, the NSTR token experienced a decline of nearly 6%, currently trading at $0.93. The token airdrop was initially announced on June 4 as a way to reward early adopters. The platform made 11% of its $100-million token supply immediately accessible and convertible.
Garai’s resignation raised questions about the timing of his departure, with some accusing him of “dumping on the community” on X. In response, Garai clarified his decision.
Nostra Finance is reportedly the most profitable protocol on Starknet, generating $2.5 million in annual revenue. According to data from DefiLlama, the platform has a total value locked of $151.36 million.
Source: CoinMarketCap
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