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.”

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

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