Swiss decentralized trading platform dYdX has announced it is laying off 35% of its core staff.

CEO Antonio Giuliano announced the news in a post on X, noting that the decision was difficult but necessary to achieve the company's long-term goals.

The layoffs are not related to financial issues, but are aimed at creating a leaner team.

Despite the layoffs, dYdX continues to hire for key positions.

The layoffs coincide with Giuliano's return to the helm after a six-month hiatus.