dYdX Cuts 35% of Staff While Consensys Reduces Workforce by 20%
Both dYdX and Consensys announced significant layoffs. dYdX's CEO Antonio Juliano reported a 35% reduction in the core team, while Consensys's CEO Joseph Lubin stated that his company cut 20% of its workforce, equating to 162 positions.
dYdX had approximately 50 employees and is still hiring. Consensys has been involved in multiple legal disputes with the SEC, which Lubin attributed as a factor for the layoffs, suggesting ongoing legal challenges could be costly for companies under investigation.
Lubin emphasized the need for agility and efficiency in the rapidly evolving market. Juliano, who recently returned to dYdX, indicated that the company's direction needed to change, clarifying that the layoffs were not financially motivated.
Lubin noted that Consensys is focusing on core revenue drivers. Last week, Juliano stated he intended to adopt a "founder mode" approach. Other crypto firms have also made staff cuts recently, including Helium Mobile’s parent company, which reduced its workforce by 40%, and Matter Labs, which cut 16%. This trend suggests that some companies are streamlining operations ahead of anticipated market growth early next year.