dYdX Trading, the company behind the decentralized cryptocurrency exchange, laid off 35% of its staff after Antonio Juliano resumed the role of CEO on October 10.
Juliano emphasized the need for a new direction for the company and expressed his desire to grow dYdX stronger. On the same day, Consensys—the company behind MetaMask—also cut 20% of its workforce to become “more agile,” according to CEO Joe Lubin.
Upon returning as CEO in early October, Antonio Juliano highlighted the need for a “revitalization” at dYdX to address competition and challenging market conditions, declaring he would shift into “Founder Mode” to personally lead the company.
dYdX Trading, the company behind the development of the dYdX Chain on the Cosmos SDK and Tendermint protocol, is currently facing several challenges. Their dYdX v4 exchange ranks sixth in trading volume among decentralized exchanges.
The company has experienced upheavals, including a DNS attack on its domain in July, which resulted in hackers stealing ETH and ERC-20 tokens. dYdX has also been considering software sales and is exploring “strategic alternatives” for its v3 technology. This recent layoff comes as Bitcoin prices near historical highs.