October 30, 2024

Regenesis

Antonio Juliano
Regenesis

Yesterday we moved on from over a third of the dYdX team. I wrote about those leaving here. In this post I share the motivations behind this change and what it means for dYdX.

tldr; we’re going back to startup mode

There have been two distinct phases of dYdX: startup mode, and company mode. Like all successful companies we started in startup mode, but eventually found ourselves in company mode. Unlike most companies, we’ve made the difficult but bold decision to go back.

For the first couple years dYdX flew. The early team and I iterated on so many products, and innovated freely. We invented: dex aggregators, flash loans, leveraged tokens, defi margin trading, defi perps, and more. We were one of the first major projects on L1, then the first major one on L2. There were massive swings up and down, but overall we grew exponentially.

Now, we still innovate, but more slowly. We’ve stagnated. We still have great people, but something seems off. The sum has become less than the value of its parts.

Why? What changed?

We (I) went from thinking of each moment at work as an opportunity to a job. From creating something new to protecting what we (I) had. From embracing uncertainty to craving safety. From having no idea what to do, to doing what we “should”. We (I) became scared.

We learned how to “operate a company”. We hired execs, put in processes, formed committees to coordinate between teams. I went from managing the whole team to 5 layers of hierarchy between the builders and me. I resisted all of this, but it seemed inevitable.

No more.

No more execs, no more middle management, no more company processes, no more fucking anything except the builders and me. 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.

I don’t know what we’ll build, who will join on the journey, or where we’ll go.But I know we’re in the right place, with the best people, and the perfect passion.

It feels like the beginning, again.

What an opportunity.

About dYdX and Terms

Here at dYdX, our mission is to democratize access to financial opportunity. We believe that v4 software will represent notable progress in service of that mission. The events in the global economy that have transpired over the last year have only reinforced the need for open, transparent, and permissionless financial products. We’re excited for v4 software to better meet those needs.

If building the future of a decentralized exchange and open finance is something you’re interested in, check out what it’s like to work at dYdX and our open roles!

To ask additional questions, join the discussion on Discord, participate in the dYdX community, or follow us on Twitter. We’re excited to continue building the dYdX Chain and will continue to release updates over the coming months.

Terms and Conditions: This post is subject to the dYdX Terms of Use.  The dYdX interface and products are not available to persons or entities who reside in, are located in, are incorporated in, or have registered offices in the United States or Canada ("Blocked Persons"), or other Restricted Persons (as defined in the dYdX Terms of Use). dYdX products and services are not intended for, and should not be used by, Blocked Persons or Restricted Persons. Terms of Use specific to v4 software can be found here.

dYdX is a decentralised, disintermediated and permissionless protocol, and is not available in the U.S. or to U.S. persons as well as in other restricted jurisdictions. The dYdX Foundation does not operate or participate in the operation of any component of the dYdX Chain's infrastructure.

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The dYdX Foundation does not operate or has control over the MegaVault and has not been involved in the development, deployment and operation of  any component of the dYdX Unlimited software (including the MegaVault).

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