dYdX, a prominent player in the on-chain crypto derivatives market, has announced a significant reduction in its workforce, laying off 35% of its core team, as stated by CEO Antonio Juliano.

This action marks another challenge for dYdX as it navigates staffing issues for 2024, following Juliano's earlier resignation from his leadership role and subsequent return earlier this month.

Juliano stressed:
"The decision to let go was a realization that the company we’ve built is different from the company dYdX must be." This statement was made in relation to a blog post titled Letting Go.

Despite being a leading platform for crypto derivatives trading, dYdX's position has come under pressure this year with rising competitors like Hyperliquid, which has seen its Total Value Locked (TVL) increase remarkably compared to dYdX's decline. As of now, dYdX's TVL has dropped by 50% from its peak in late March, while Hyperliquid's has surged by 250%, positioning it at over $860 million, three times more than dYdX's.