Antonio | dYdX Profile picture
May 13 13 tweets 3 min read Read on X
dYdX’s vision remains large. It will take decades to build DeFi into everything it will become

I feel driven to my continued part in this as the founder & leader of dYdX

Towards this goal, I am transitioning from CEO to President of dYdX Trading Inc.…
This reflects how the company has already been operating for many months

@ivo_crnkovic and the rest of the leadership team have been operating the company while I have continuously moved to focus on defining the vision, strategy, and culture of dYdX
I have found this is the optimal way for us to work. It has allowed us to build faster than ever, while giving me the most clarity I have had on where we’re going and how we get there
I have no plans for what comes next, and dYdX remains my top priority
My founder journey so far has left me a vastly changed person

I was initially motivated by competition, winning, and achievement. Today I am motivated by creation, passion, and connection

I realize now we are building something much larger than ourselves, and this is what drives me
For 5+ years, I personally built and drove dYdX from the front

I am proud to have been a pioneer in what financial smart contracts look on Ethereum, how to scale a working product with L2, and how to decentralize it through an app chain
For the last 2 years I’ve learned how to lead and empower others to build

I have found fulfillment in this, and continue to strive to be the best leader I can be. This move is a culmination of my journey from building to leading
We have made many bold bets and this will never stop. It is who I am. It is what dYdX is
This transition is a big bet for me and how we operate as a project

It scares me, and it is a big change for dYdX. But as I have continued to go all in with each new thing we do it has continued to bring us towards exponential success, and me towards greater peace
It has been incredibly hard and sad for me, and I believe also for the company

I have chosen not just to work with great people, but with my friends. Effectively all of them. Not being as in it with them each day has made me feel set apart and alone
But I have realized that a leader must stand apart, and go forwards

I accept this now, and believe this change is how I will today be the best leader of dYdX
I have full faith in @ivo_crnkovic and the rest of the team to drive dYdX day to day

Again, this is how the company has been operating for a while now so is not functionally a big change. It is felt more from a spiritual perspective but I have confidence feels hard but right
dYdX is not finished. Not even close. The opportunity is bigger than ever now

What we build will be determined in decades. I remain incredibly excited for that journey and my new part in it


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More from @AntonioMJuliano

Aug 25, 2023
[Serious tweet / hot take 🌶️]

Crypto builders should just give up serving US customers for now and try to re enter in 5-10 years

It’s not really worth the hassle / compromises. Most of the market is overseas anyways. Innovate there, find PMF, then come back with more leverage
Let me first be clear on my goals for crypto and where I believe we’re at right now

In the grand scheme of things barely anyone uses or cares about crypto today. I personally don’t care about care about any outcome except growing crypto 100x+ long term
Given this, the only thing that matters for all of us is crypto finding 10x stronger product market fit

*you don’t need to have perfect distribution to iterate and find strong product market fit*

There is a plenty big overseas market to experiment in
Read 8 tweets
Jun 7, 2023
Big week for enforcement actions 👀

But what does it all mean? What will the impact on crypto be, and where do we go from here?

First, obviously I am not a lawyer (though I do have great lawyers 😁), so I will focus more on the business side
Let's first recap the obvious: the SEC is coming for crypto. We all knew this was coming

They are clearly acting in bad faith, outright stonewalling anyone who asks for guidance and spraying enforcement actions to everyone
Read 24 tweets
Mar 21, 2023
Crypto enables user generated value

For a while I have been searching for a concise and comprehensive description of what, fundamentally, crypto enables

This must be something that is both immensely valuable, and fundamentally impossible at scale before the technology
User generated value describes every major end user product innovation that has happened and (I believe) will happen in crypto
Read 18 tweets
Nov 2, 2022
There's been a lot of talk about DeFi + Regulation lately

Let’s dive deeper into how DeFi fits into the core principles behind a DCM (CFTC clearing house license, the most core financial infra), where it's 10x better, adequate, and where we still need to figure things out

Financial regulations are based on core principles. These are values that for the most part we should absolutely aspire to in crypto

For a DCM, there are 23 core principles:…

Let’s go through them all through the lens of DeFi
I think this is worth doing because both we and regulators usually talk in generalities about how crypto can be good or bad for regulatory objectives

Truth is, it’s complicated. It’s worth taking the time to go a level deeper and walk through point by point
Read 26 tweets
Aug 12, 2022
This week an important *technology* was sanctioned

Today a developer of open source software was arrested for the contents of that software

This is it, this is the line. We need to all take a stand that this should be an illegal attack on freedom
Tornado Cash’s team was not some shady team, afaik they are quality founders who were represented by some of the better crypto lawyers and *tried to do the right thing*
Their contracts were decentralized (no back doors), they didn’t take revenue, and they even put chainalysis compliance detection in their frontend! (despite community flaming them for it)
Read 12 tweets
Jul 28, 2022
dYdX turned 5 today 😯🎂

It’s been an excellent journey so far and I wouldn’t trade it for anything

Reflecting 🧵
We were way too early to DeFi (and probably still are)

It’s hard but not impossible to build a company that is too early

The second most important thing in startups is momentum. The most important thing if you’re too early is to keep momentum
People are everything

The thing I’m most proud of with dYdX is that we never sacrificed on the people. I’m proud of the team we’ve built

At the end of the day your life and your success are going to be defined by who you’re with. So be with great people and don’t sacrifice
Read 13 tweets

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