dYdx, the company building an on-chain crypto derivatives exchange, fired 35% of its core team Tuesday, said CEO Antonio Juliano.

The shake up adds more turbulence to dYdx’s 2024 staffing woes, which had already seen Juliano step down from the leadership post, only to return in early October.

“The decision to let go was a realization that the company we’ve built is different from the company dYdX must be,” Juliano wrote in a blog post titled Letting Go.

dYdX is one of the best-known, blockchain-based venues for trading crypto derivatives. But its dominance came under threat earlier this year with Hyperliquid surging in popularity.

The exchange’s total value locked – a key metric in decentralized finance (DeFi) – is down 50% from its 2024 peak in late March. Meanwhile, Hyperliqiid’s TVL grew 250% over the same period, and at over $860 million is three times larger than dYdX’s.