DeFi Network Radix Cuts 15% of Workforce to Reduce Costs

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Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Radix

RDX Works, the creators behind the Radix DeFi platform, have implemented a 15% workforce reduction. CEO Piers Ridyard announced this decision via Telegram on Thursday, saying the move is part of a strategic initiative to cut costs.

He said these layoffs are crucial to a broader strategy involving significant organizational changes. As a result, the company is refocusing its direction, aiming to optimize operations and possibly adapt to new market dynamics.

CEO Assures Key Radix Projects Will Stay On Track Despite Changes

Ridyard insisted that key projects at RDX, such as Flash Liquidity, the Cassandra test network, and multifactor account persona control and recovery (MFA), will not likely be impacted under the recent changes. The Flash Liquidity initiative aims to increase liquidity across the Radix network, which will help to reduce slippage and fees.

However, he did acknowledge that there could be some short-term disruptions in familiar contacts or interactions with RDX Works.

Babylon Upgrade and Strategic Partnerships Drive Radix’s Mission

Radix is a Layer-1 protocol designer to improve scalability, security and user-friendliness for DeFi and Web3 applications.

In Sept. 2023, Radix executed the Babylon Upgrade, marking an advancement in its network’s development. The goal was to improve experiences for both users and developers in DeFi and Web3. A key highlight of this upgrade was the Radix Wallet launch for iOS and Android.

Recent discussions about Radix highlight its proactive measures to boost liquidity and promote ecosystem growth. Notably, Radix has created a 1.5 billion $XRD endowment fund. This fund is specifically aimed at enhancing tokenomics and expanding the network’s ecosystem.

The staff layoffs closely follow a newly announced partnership deal. On Aug. 27, RDX revealed that it had formed a strategic development partnership. This collaboration includes digital asset market maker Keyrock, asset manager G-20, and crypto high-frequency trading firm Portofino. Together, they aim to bring liquidity to the Radix ecosystem.

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