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Well-known decentralized crypto exchange dYdX has cut its workforce by 35%, as CEO Antonio Juliano hints at the need to restrategize.
dYdX, a decentralized crypto exchange, has laid off 35% of its workforce as part of a necessary restrategizing effort, according to an announcement made by CEO Antonio Juliano on Wednesday.
The move comes despite a strong year for crypto markets, with the exchange seeing a decrease in revenue due to increased competition. Juliano hinted at the need for the exchange to adjust its massive payroll.
dYdX operates on its own layer-1 blockchain, dYdX Chain, and is known for offering futures trading with up to 25x leverage, setting it apart from competitors.
The exchange faced challenges earlier this year, including a domain compromise that resulted in the attacker draining connected crypto wallets.
Consensys, an Ethereum software firm, also announced layoffs on Monday, affecting 163 employees (20% of its workforce). The company cited a failure to generate enough revenue, with CEO Joseph Lubin attributing it to Ethereum's poor price performance and the rise of faster and cheaper networks like Solana and Tron.
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