Nostra Finance Appoints New CEO Following Token Launch and Price Drop

Decentralized finance (DeFi) application Nostra Finance has a new leader after former CEO David Garai stepped down. Garai announced on June 28 that he would be leaving his position as CEO, less than two weeks after the launch of the Nostra (NSTR) token on June 13.

Richard Thomas-Pryce, head of product, will take over the CEO role. Nostra offers DeFi services such as crypto lending, borrowing, swapping, and bridging, aiming to be a “crypto super app” built and powered by Starknet infrastructure.

NSTR Token Price Drops Sharply

Following the announcement of Garai's resignation, the NSTR token price dropped nearly 10%, currently trading at $0.09.

Previously, on June 4, Nostra Finance announced a token airdrop as a reward for early adopters. The platform fully unlocked 11% of the token supply, worth $100 million, allowing instant access and conversion.

Garai's resignation has raised questions about the timing of his decision, with some on social media platform X accusing him of "abandoning the community." In response, Garai asserted that his resignation was not related to the token unlock and that he had not sold any tokens.

Nostra is regarded as the “most profitable” protocol on Starknet, with an annual revenue of $2.5 million and a total value locked of $151.36 million, according to data from DefiLlama.

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