dYdX Reduces Core Team by 35%

Antonio Juliano, CEO of the company behind the decentralized derivatives exchange dYdX, announced a 35% reduction in staff.

“Today, I made the incredibly difficult decision to let go of 35% of the core dYdX team. We now have the team we need for further development, but first, we say goodbye to those who have left,” the exchange’s blog states.

Juliano thanked former employees for their work. He explained the layoffs as necessary to “revitalize” the exchange, as in its current form it “differs from what it should be.”

dYdX is one of the most popular decentralized platforms for derivatives trading. Since the beginning of 2024, the popularity of Hyperliquid has surged. TVL of the latter has significantly surpassed Juliano’s exchange — $669.5 million compared to $287.6 million, respectively.

On October 10, Juliano returned as CEO after a six-month academic leave. He had stepped down on May 13 for personal and professional reasons.

In September, the dYdX team announced the launch of perpetual futures with leverage on the outcome of binary events in prediction markets.

In August, the company shared details of the “most significant” upgrade to its blockchain since the launch of dYdX Chain, planned for autumn.