Nostra

Richard

David Vance

Nostra Finance CEO David Garai resigned on June 28, 2024. The former CEO announced Richard Thomas-Pryce as the new head of the firm. Garai also rebuffed claims linking his resignation to the newly launched NSTR token.&nbsp; 
Also read: <a href="https://www.cryptopolitan.com/ethereum-etf-and-solana-etf-could-crush-eth-and-sols-price-investors-look-into-rcof/">Ethereum ETF and Solana ETF could crush ETH and SOL’s price, investors look into RCOF</a>&nbsp; 
David Garai posted on X announcing his resignation. In the post, he mentioned that he wanted to take a brief break, which, as the post revealed, was his first break in four years. Garai announced his departure from Nostra just days after Nostra released the NSTR token. Following his resignation, Thomas-Pryce became the new head of Nostra. 
<h2 id="span-style-font-weight-400-nstr-token-dips-after-nostra-ceo-resigns-span">NSTR token dips after Nostra CEO resigns</h2> 
Following the resignation news, the NSTR token plunged nearly 6%. At the time of writing, it is trading at $0.093, having declined from $0.21 to its current value.&nbsp; 
The firm released the NSTR token on June 17th. During the launch, the token’s entire supply was fully unlocked. The company announced the token on June 4th, intending to reward early adopters via an airdrop. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 I have resigned as CEO of Nostra. 
 The great <a href="https://twitter.com/RTPthefirst?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@RTPthefirst</a> will take over as the day-to-day lead of Nostra Labs. 
 Over the last 2.5 years, our team has built Nostra into the largest and most profitable protocol on Starknet, earning $2.5M annually with over $180M TVL. 
 Of course,… 
 — DG (@davgarai) <a href="https://twitter.com/davgarai/status/1806608425943806180?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">June 28, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
<a href="https://nostra.finance/" rel="nofollow noopener" target="_blank">Nostra</a> issued 100 million NSTR tokens. The firm allocated 11% of the tokens for community airdrops, preserved 14% for future airdrops, and 25% for the treasury. Investors and the Nostra team got 26.2% and 23.8% of the total allocation, respectively. The company announced that the NSTR tokens did not have a vesting period.&nbsp; 
<h2 id="span-style-font-weight-400-garai-s-resignation-raises-suspicions-and-discussions-span">Garai’s resignation raises suspicions and discussions</h2> 
Garai’s resignation raised concerns as X users wondered why the CEO wanted to take a break just after launching the token. In his response, Garai said he had not sold any tokens, and that the claims surrounding his resignation were complete nonsense. 
<blockquote>
 &nbsp;“To those who are trying to make a connection between the unlocked launch and my resignation: this is complete bullshit. I have not sold a single token and do not plan on doing so.” 
 -Garai
</blockquote> 
Garai took pride in his team’s achievements. According to Garai, they managed to establish Nostra as the most profitable protocol. The former CEO also applauded his team for making Nostra the largest protocol on Starknet. 
&nbsp;Also read: <a href="https://www.cryptopolitan.com/south-korean-students-interested-in-crypto/">40% of South Korean university students are interested in crypto investing, study finds</a>&nbsp; 
The former CEO noted that the project made $180 million in total value locked (TVL). Garai added that the project earned $2.5 million in a year. The former boss noted that the company intends to expand its product suite. Garai also stated that the firm would venture into STRK liquid staking. The ex-CEO assured everyone that the company would also launch Nostra Earn in the future. Garai expressed his confidence in the new CEO, assuring stakeholders that the firm will achieve its set goals. 
Nostra Finance provides various Decentralized Finance (DeFi) services, including lending, swapping, borrowing, and bridging of cryptocurrencies and digital assets. Nostra claims it intends to be the “best crypto app,” promising to effectively manage all crypto needs within a single application. 
&nbsp; 
Cryptopolitan reporting by Collins J. Okoth

Nostra CEO resigns days after NSTR token launch

Table of Contents

Cryptopolitan_News

Outros artigos publicados em 30 de jun. de 2024

Join Qubetics Whitelist Before Time Runs Out as Market Shifts Its Focus Away from Tron and Binance

Dogecoin Price Forecast: Will Recent Trends Lead to Recovery or Further Decline?

Ethereum ETF Probably Delayed To 2nd Week of July or Later By SEC

Solana Price Witnesses Uptick Amidst Recent Positive Developments

Analysts Say BlockDAG's $0.05 Launch Might Spell Trouble for WIF & DOGE In 2024

XRP Price Consolidates Near $0.47 Amidst Ongoing Legal Uncertainty

Join our free newsletter for daily crypto updates!