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