dYdX lays off 35% of staff shortly after major Consensys cuts
dYdX Trading has laid off 35% of its workforce, coinciding with a significant reduction at Consensys, which cut 20% of its staff. CEO Antonio Juliano, who resumed his role on October 10, indicated the need for a new direction for the company, stating that the current structure needed revitalization to remain competitive. Juliano emphasized that the firm has faced challenges over the past year, experiencing tough market conditions and heightened competition. He expressed determination to move forward with clarity and passion to build innovative solutions. dYdX, known for its decentralized exchange and the dYdX Chain—a layer-1 blockchain leveraging the Cosmos SDK—has recently faced security issues, including a DNS attack in July. Despite these hurdles, the company remains a leader in decentralized perpetual futures trading, ranked sixth in trading volume among such exchanges according to CoinMarketCap.
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