Decentralized trading platform dYdX, based in Switzerland, has announced a 35% reduction in its core workforce. CEO Antonio Juliano shared the news on social media, stating that the layoffs were not financially motivated but rather aimed at creating a leaner team to help the company achieve its long-term goals.
In a blog post titled “Letting Go,” Juliano explained that the company had strayed from its original vision, and the job cuts were necessary to provide clarity and renewed passion for the project. The post did not specify which employees were being let go, but the company’s website indicates it has about 50 employees, many of whom come from major tech backgrounds such as Google, Amazon, and Facebook.
Despite the terminations, dYdX is still hiring for several roles, including lead trading infrastructure engineer, senior product designer, and software engineer positions. The project, which has been around for seven years, was included in Inc. Magazine’s Best Workplaces list in 2023.
The workforce reduction comes just over a week after Juliano returned to lead dYdX following a six-month hiatus. He cited the platform’s challenging year, made more difficult by stiff competition, as the reason for his return to “revitalize” the company.
dYdX has faced competition from projects such as Hyperliquid, which has rapidly expanded its market presence in recent months. According to DefiLlama, Hyperliquid’s total value locked (TVL) stands at $859.29 million, while dYdX’s TVL is at $287.61 million, a more than 50% drop from its highest level of the year in March.
The redundancies at dYdX coincide with ConsenSys announcing a 20% reduction in its workforce, citing the ongoing regulatory climate, particularly the U.S. Securities and Exchange Commission’s policies, as hindering innovation in the crypto space.
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