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dYdX Trading, the company behind decentralized derivatives platform dYdX, has taken a significant step by laying off 35% of its employees. The company announced this decision on its official blog, stating that core team members were among those laid off. dYdX CEO and co-founder Antonio Juliano explained the reasons behind the layoff decision, while emphasizing the need for restructuring for the future. Juliano stated the following in his blog post: “Today, I have made the decision to lay off 35% of dYdX’s core team. We now have the team we need going forward, but there are some names we have had to say goodbye to in the process.”
This significant decision came shortly after Antonio Juliano took over the company. Juliano, who left office on May 13 due to personal and professional reasons, returned to his position on October 10 after a six-month hiatus and resumed leading the company’s Cosmos-based protocol development process. It was stated that the layoff process aimed to create a more agile and goal-oriented team structure in line with the company’s long-term goals.
Juliano drew attention to the difficulty of taking this step and stated that the need for restructuring was inevitable in order to achieve the company’s future goals. In addition, according to Juliano’s statement, the dYdX team will continue its work to develop innovative projects and further advance the decentralized derivatives platform. “We will continue on our path with a clearer vision and renewed passion. We will create great things,” Juliano said, emphasizing the company’s determination for the future and its commitment to innovative projects.
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This development coincided with the decision of Ethereum-focused technology firm Consensys to cut 20% of its staff on the same day.
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