Home Major company lay offs as dYdX lays off 35% of employees on same day as Consensys

Major company lay offs as dYdX lays off 35% of employees on same day as Consensys

Two company lay offs took place on Tuesday, with dYdX Trading having laid off 35% of its staff on the same day that blockchain software technology company Consensys reduced its workforce by 20%.

While the cryptocurrency sector has faced a major boom over the last few years, some companies are stripping it back as they approach the next phase of the industry.

On Tuesday (October 29) the CEO and founder of dYdX, Antonio Juliano, posted a blog titled ‘Letting Go’ in which he said: “Today, I made the incredibly difficult decision to lay off 35% of the dYdX core team. We now have the team we need going forwards, but first we say goodbye to those who have left.”

He thanked the staff who are leaving, writing that “an amazing community” had been created.

On Wednesday, he shared another update and declared that dYdX is going back to startup mode. In this new approach, the company will cut out the execs, middle management and company processes.

“This is what we need, and I finally feel the passion to lead it. We are going back, but this time with the wisdom and peace found along the way.

“I am absolutely uninterested in the status quo. I will, and am, continue to risk everything for the next big shot at true creation.”

Company lay offs: Consensys says they need to be agile

Tuesday saw another technology-focused company lay off staff, with the founder and CEO of Consensys, Joe Lubin, sharing the news through a blog post.

“Today, we are making the tough but prudent decision to streamline our operations to position Consensys for ongoing rapid innovation, long-term sustainability under possibly volatile scenarios, and continued leadership in the web3 space.”

The decision has impacted 20% of the total workforce, with the company explaining the support they will be offering including severance packages, an extension of exercise window, outplacement services, and extended healthcare benefits.

The founder writes that with the sector about to go mainstream “with web3-native companies making great strides and more traditional companies leaning into web3” they need to “reshape” and be more agile to stay competitive in the fast-growing space.

Featured Image: Photo by Glenn Carstens-Peters on Unsplash

About ReadWrite’s Editorial Process

The ReadWrite Editorial policy involves closely monitoring the tech industry for major developments, new product launches, AI breakthroughs, video game releases and other newsworthy events. Editors assign relevant stories to staff writers or freelance contributors with expertise in each particular topic area. Before publication, articles go through a rigorous round of editing for accuracy, clarity, and to ensure adherence to ReadWrite's style guidelines.

Sophie Atkinson
Tech Journalist

Sophie Atkinson is a UK-based journalist and content writer, as well as a founder of a content agency which focuses on storytelling through social media marketing. She kicked off her career with a Print Futures Award which champions young talent working in print, paper and publishing. Heading straight into a regional newsroom, after graduating with a BA (Hons) degree in Journalism, Sophie started by working for Reach PLC. Now, with five years experience in journalism and many more in content marketing, Sophie works as a freelance writer and marketer. Her areas of specialty span a wide range, including technology, business,…

Get the biggest tech headlines of the day delivered to your inbox

    By signing up, you agree to our Terms and Privacy Policy. Unsubscribe anytime.

    Tech News

    Explore the latest in tech with our Tech News. We cut through the noise for concise, relevant updates, keeping you informed about the rapidly evolving tech landscape with curated content that separates signal from noise.

    In-Depth Tech Stories

    Explore tech impact in In-Depth Stories. Narrative data journalism offers comprehensive analyses, revealing stories behind data. Understand industry trends for a deeper perspective on tech's intricate relationships with society.

    Expert Reviews

    Empower decisions with Expert Reviews, merging industry expertise and insightful analysis. Delve into tech intricacies, get the best deals, and stay ahead with our trustworthy guide to navigating the ever-changing tech market.