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dYdX Announces 35% Employee Layoffs

Despite an upswing in the market, some teams are struggling to stay afloat.

Oct 29, 2024 • 1 min read

dYdX, one of the most popular perpetual exchanges, recently announced it would lay off 35% of its workforce.

What’s The Scoop?

New CEO: Just over three weeks ago, dYdX appointed its founder and former CEO, Antonio Juliano, as the new CEO.
Reasoning: In a blog post following the layoff announcement, Juliano explained that the layoffs were driven by a “realization that the company we’ve built is different from the company dYdX must be.”

Bankless Take:

While Juliano’s blog suggests he's steering dYdX in a new direction, there may be more at play. Earlier today, Consensys , the creators of MetaMask, also announced a 20% workforce reduction due to ongoing SEC cases that have been straining its resources. It’s possible dYdX is facing, or preparing for, similar regulatory pressures that have repeatedly challenged the Web 3.0 industry.

I’ve made the incredibly difficult and sad decision to move on from 35% of the dYdX team

More thoughts on why and what this means tomorrow, but for today a goodbyehttps://t.co/ssFAjXPE0J
— Antonio (@AntonioMJuliano) October 29, 2024

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

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