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