dYdX Restructures with 35% Staff Cut to Refocus Business Strategy

dYdX Trading, the company behind the decentralized exchange platform, recently announced it has let go of 35% of its workforce.

The move follows the return of co-founder Antonio Juliano as CEO on October 10, after stepping down from the role in May. Juliano cited the layoffs as part of a strategic shift to steer dYdX in a new direction, stating, “We realized the company we built doesn’t match the company dYdX needs to be. Moving forward, we’ll be focused and energized to build incredible things.”

Juliano had previously hinted at plans to reshape dYdX after reassuming the CEO position, emphasizing the need to “revitalize” the business amid challenging market conditions and rising competition. This transition occurred the same day Consensys, the creator of MetaMask, announced a 20% staff reduction to enhance its agility, per CEO Joe Lubin.

dYdX Trading operates dYdX Chain, a layer-1 blockchain built on Cosmos SDK and powered by Tendermint’s proof-of-stake protocol. Its flagship product, dYdX v4, ranks as the sixth-largest decentralized perpetual futures exchange by 24-hour trading volume on CoinMarketCap.

The company has faced hurdles in recent months, including a domain service (DNS) attack in July. The compromise led to a malicious site where users’ wallets were prompted to transfer Ether and other ERC-20 tokens to the attacker. During this period, reports also suggested dYdX was considering selling part of its derivative trading software. The firm confirmed it was exploring options around its v3 technology, which excludes components governed by its utility token.

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Alexander Stefanov

Reporter at CoinsPress

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