The CEO of the company behind the decentralized derivatives exchange dYdX, Antonio Juliano, announced a 35% reduction in staff.
“Today, I made an incredibly difficult decision to part ways with 35% of the core dYdX team. We now have a team in place that is essential for our future growth, but first, we are saying goodbye to those who are leaving,” Juliano shared in the company’s blog. He expressed gratitude to former employees for their contributions, explaining that the layoffs were necessary to “breathe new life” into the exchange, as its current state “does not align with its intended purpose.”
dYdX remains one of the most popular decentralized platforms for derivatives trading, but since early 2024, the competing platform Hyperliquid has gained significant traction, with a TVL reaching $669.5 million, surpassing dYdX’s $287.6 million.
On October 10, Juliano returned to his role as CEO after a six-month academic leave, which began on May 13 for personal and professional reasons.
In September, the dYdX team announced the launch of perpetual futures with leverage for binary outcomes on prediction markets.
In August, the company announced the largest update to date for its blockchain, dYdX Chain, set to release this fall.
