Key Takeaways:
- dYdX reduced its core team by 35% as CEO Antonio Juliano aims to reshape the company’s structure to meet future goals.
- dYdX has faced a 50% drop in its Total Value Locked (TVL) since March 2024, while rival platform Hyperliquid’s TVL rose 250%, now reaching $860 million.
- The platform is facing significant competition from Hyperliquid, which has tripled dYdX’s current TVL.
dYdX, a prominent on-chain crypto derivatives exchange, recently cut 35% of its workforce, marking a significant strategic shift.
CEO Antonio Juliano, who returned to his role earlier this month, explained in a blog post titled “Letting Go” that the company must restructure to meet evolving needs.
Over the past year, dYdX has faced challenges, including Juliano’s brief departure and a sharp 50% drop in its total value locked (TVL) since March 2024.
Meanwhile, rival Hyperliquid has rapidly gained ground, with a 250% TVL surge reaching over $860 million—almost triple dYdX’s current TVL.
As Hyperliquid continues to expand, dYdX’s recent layoffs signal the company’s attempt to realign and compete in the increasingly competitive DeFi market.