DYdX Trading lays off 35% of its employees, including core team members

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The Block2024/10/28 16:00

By:The Block

Quick Take dYdX Trading has laid off 35% of its staff, according to a company blog. CEO Antonio Juliano recently rejoined the firm after a six-month sabbatical.

DYdX Trading lays off 35% of its employees, including core team members image 0

dYdX Trading, the company behind the decentralized derivative platform, has laid off 35% of its staff, according to a company blog .

“Today, I made the incredibly difficult decision to lay off 35% of the dYdX core team. We now have the team we need going forwards, but first we say goodbye to those who have left,” CEO and co-founder Antonio Juliano wrote in the blog.

Juliano came back Oct. 10 to lead the firm developing the Cosmos-based protocol after taking a six-month sabbatical. He initially stepped away on May 13 due to personal and professional reasons, The Block previously reported .

The news comes on the day Ethereum development firm Consensys announced a 20% reduction in staff.

"The decision to let go was a realization that the company we’ve built is different from the company dYdX must be. We will move forward with clarity and renewed passion. We will create amazing things," Juliano wrote.

The Block has reached out to Juliano for comment.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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