dYdX CEO Slashes 35% of Staff to Tackle New Market Realities

Last Updated on October 30, 2024

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An investor's analyzing the dYdX coin on screen. Source: maurice norbert - stock.adobe.com

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.

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