The founder of decentralized exchange dYdX is stepping down as CEO after seven years at the helm

The founder of decentralized exchange dYdX is stepping down as CEO after seven years at the helm of the cryptocurrency derivatives platform.

In a blog post dated May 13, Antonio Giuliano announced his decision to move from the day-to-day operations of the exchange to the position of Chairman and President. “I am stepping down as CEO of dYdX Trading In., and will transition to the role of Chairman and President,” Giuliano wrote.

The company is now headed by Ivo Crnković-Rubsamin, former chief strategy officer at dYdX. According to his LinkedIn profile, Crnkovic-Rubsamen is a former trader who has worked on the decentralized exchange since 2022.

“Since I realized I didn’t need to be CEO, I nurtured other leaders in the company on their own leadership journeys, until one of them was ready to run the company himself,” Giuliano said, referring to Crnković-Rubsamin.

Giuliano did not mention his future career goals, but suggested the “next step” in his career: “I have no plans for what comes next, and I have no idea what I will do.” Before founding dYdX, Giuliano was a software engineer at companies like Coinbase, Uber, and MongoDB.

According to data from DefiLlama, dYdX has seen a surge in activity in recent months as cryptocurrency markets rebound. The DEX has a market capitalization of over $1.1 billion at the time of writing, and $463 million in total value locked. DEX’s annual revenue is $35.4 million. In total, derivatives activity has generated over $1.31 trillion in trading volume since 2021.

Volume of derivatives in dYdX. Source: Devilama.

Much of the recent trading activity can be linked to ongoing developments surrounding the protocol, such as the launch of dYdX’s layer-one blockchain in October 2023. Based on the native DYDX token for network transactions, the network enables gas fees to be returned to validators. and stakeholders as rewards.

Additionally, dYdX launched a v4 upgrade in January, moving the DEX from Ethereum to the Cosmos network.

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