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dYdX Trading, the firm behind the decentralized crypto exchange, has laid off 35% of its staff, with its newly returned CEO Antonio Juliano hinting at the need for a new company direction.&nbsp;&nbsp;
“Today, I made the incredibly difficult decision to lay off 35% of the dYdX core team,” said Juliano, who rejoined as CEO of the company on Oct. 10 after stepping away from the role in May.
<blockquote>
 “The decision to let go was a realization that the company we’ve built is different from the company dYdX must be. We will move forward with clarity and renewed passion. We will create amazing things.”
</blockquote>
It comes on the same day that Consensys — the firm behind MetaMask — <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/consensys-cuts-workforce-20-percent-ceo-outlines-decentralization-plans" rel="noopener noreferrer nofollow" target="null" text="null" title="null">reduced its workforce</a> by 20% in a bid to become a “more agile organization,” according to CEO Joe Lubin.&nbsp;
<figure><img alt="dYdX lays off 35% of staff shortly after major Consensys cuts" src="https://s3.cointelegraph.com/uploads/2024-10/0192dacd-941e-7219-a7a3-b3d0a766e483" title="">
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 Source: <a data-ct-non-breakable="null" href="https://x.com/ceterispar1bus/status/1851334988903403863" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Ceteris</a>
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Juliano first hinted at a need to revitalize the company when he returned as the company’s CEO earlier this month, saying he was “going into Founder Mode™️ to run the company personally.”&nbsp;
“dYdX has had a challenging year. We’ve faced tough competition and a tough market. It’s become obvious to me we need to revitalize the company or we will fade,” <a data-ct-non-breakable="null" href="https://dydx.exchange/blog/the-return" rel="noopener noreferrer nofollow" target="null" text="null" title="null">said</a> Juliano in an Oct. 10 blog post titled “The return.”
<figure><img alt="dYdX lays off 35% of staff shortly after major Consensys cuts" src="https://s3.cointelegraph.com/uploads/2024-10/0192dace-0780-7acf-ab62-5b3b5b19d005" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/dmanlian/status/1851363503803707653" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Daniel Lian</a>
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<a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/what-is-dydx-a-beginners-guide-to-trading-on-a-decentralized-exchange" rel="noopener noreferrer nofollow" target="null" text="null" title="null">dYdX Trading</a> is the firm behind dYdX Chain, a layer-1 blockchain based on the Cosmos SDK and uses the Tendermint proof-of-stake protocol.&nbsp;
One of its primary offerings, dYdX v4, is a perpetual futures <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/what-are-decentralized-exchanges-and-how-do-dexs-work" rel="noopener noreferrer nofollow" target="null" text="null" title="null">exchange</a> currently <a data-ct-non-breakable="null" href="https://coinmarketcap.com/rankings/exchanges/dex/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">ranked</a> sixth in 24-hour trading volume across all decentralized crypto exchanges, according to CoinMarketCap.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/dwf-labs-partner-dismissed-after-allegedly-drugging-job-applicant" rel="noopener noreferrer nofollow" target="null" text="null" title="null">DWF Labs partner stood down after drink-spiking allegations</a>
The company has had a tumultuous few months in Juliano’s absence.
In July, its exchange domain was <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/dydx-v3-compromised-apparent-dns-attack" rel="noopener noreferrer nofollow" target="null" text="null" title="null">compromised in a domain name service</a> (DNS) attack, allowing the attacker to host a malicious site that requested any connected wallets to transfer Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow" target="null" text="null" title="null">ETH</a>) and other ERC-20 tokens to the attacker’s Ethereum address.&nbsp;
It was around the same time that reports emerged that dYdX had been <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/dydx-explores-sale-derivatives-trading-arm" rel="noopener noreferrer nofollow" target="null" text="null" title="null">discussing the sale</a> of some of its derivative trading software with crypto market makers.&nbsp;
dYdX later <a data-ct-non-breakable="null" href="https://dydx.exchange/blog/updates-to-v3" rel="noopener noreferrer nofollow" target="null" text="null" title="null">said</a> in a statement that it was “exploring strategic alternatives related to the v3 technology,” which does not include the Ethereum smart contract or other technology governed by the utility token.&nbsp;
The recent layoff also comes as Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="null" text="null" title="null">BTC</a>) hit close to all-time highs on Oct. 29, falling just $300 short of its all-time high of $73,857.&nbsp;
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/hyped-up-depin-projects-barely-even-use-blockchain-true-or-false/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Most DePIN projects barely even use blockchain: True or false?</a>

dYdX lays off 35% of staff shortly after major Consensys cuts

Cointelegraph

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