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Crypto trading platform dYdX has announced a significant reduction in its workforce, aiming to refocus on its original vision and adapt to a challenging market.
CEO Antonio Juliano explained that the layoffs were necessary to streamline the team and revitalize the project. He acknowledged that the platform had drifted from its initial goals and needed to regain its focus.
The layoffs come at a time when dYdX is facing increased competition from platforms like Hyperliquid. Despite the job cuts, the company is still actively hiring for several positions, indicating a shift in its strategic direction.
Juliano’s return to the CEO role after a six-month hiatus marks a period of renewed leadership and a commitment to steering the platform back on track.