Nostra founder David Garai has stepped down from his position at the DeFi project based on Starknet, two weeks after airdropping. In a message posted on X, Garai announced his resignation as CEO and stated his plans to return after a break. The Nostra application, supported by Nostra Labs, allows users to lend, borrow, exchange, and bridge cryptocurrencies.
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1. Leadership Transition at Nostra
2. What does the NSTR token mean for users? Key takeaways.
Leadership Transition at Nostra
Garai stated that over the past two and a half years, Nostra has become the largest and most profitable protocol on Starknet, generating $2.5 million in annual revenue and reaching a total value of $180 million. According to blockchain data firm DeFiLlama, Nostra’s current total value locked is $153.4 million, lower than the $221.4 million before the airdrop event. Visit COINTURK FINANCE for the latest financial and business news.
Garai confirmed that Richard Thomas Pryce, the product lead at Tempus Labs, will take on the role of day-to-day leadership at Nostra Labs. He stated, “Under the leadership of Richard Thomas Pryce, Nostra and its 12 full-time developers will continue to develop product suites, including Nostra Earn.”
What does the NSTR token mean for users?
The resignation occurred just 11 days after the launch of the NSTR token, raising questions within the community about the timing. Garai assured that he did not sell any tokens. According to CoinGecko data, the total supply of NSTR tokens is 100 million, with a current market value of $9.6 million. All tokens were unlocked upon release, with 11% distributed during the token generation event.
Nostra has allocated the token supply as follows: 25% for project funds, 14% for future airdrop events, 26.2% for investors, and 23.8% for the team. The project claims to be the fairest launch in the cryptocurrency space, with no waiting period for TGE distribution.
Key takeaways for users
Users can infer:
– Pay close attention to the leadership changes at Nostra as it may impact the project’s direction.
– Monitor the performance of the NSTR token, particularly evaluating allocation strategies based on recent events to understand potential future airdrops and investor actions.
Following Garai’s announcement, the Nostra token experienced a 4% drop but has slightly rebounded. According to CoinGecko data, Garai’s current trading price is $0.0967, and he expressed optimism for the future, noting significant upgrades that will mature the Starknet network.
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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware of the high volatility of cryptocurrencies and should conduct their own research.