dYdX Reduces Core Team by 35% as Part of Strategic Shift

Antonio Juliano, founder of decentralized derivatives platform dYdX, has announced a 35% reduction in the company's core workforce, yet this news has not affected the token's price.

While he did not specify the number of layoffs, Juliano stated that the remaining team is well-prepared for the company’s future goals, acknowledging the need for a shift in direction. dYdX currently employs about 50 people and is hiring for engineering and design roles.

Despite the layoffs, the dYdX token has remained stable, trading above $1, with an 8% increase since the start of the week, although it remains 96% below its all-time high.

This restructuring comes amid a significant drop in the platform’s Total Value Locked (TVL), which fell from over $500 million in March to approximately $287 million. Meanwhile, competitors like Hyperliquid are thriving, with their TVL skyrocketing to over $870 million.

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The trend of workforce reductions extends beyond dYdX, as ConsenSys also announced a 20% cut due to macroeconomic pressures and regulatory challenges.

Alexander Zdravkov

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.