DeFi Network Radix Reduces Staff by 15% to Refocus Strategy

2 min read | August 29, 2024 10:57 PM AEST | By Team Kalkine Media

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DeFi Network Radix Reduces Staff by 15% to Refocus Strategy — Image source: Shutterstock

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RDX Works, the team behind the Radix decentralized finance (DeFi) platform, has announced a 15% reduction in its workforce as part of a broader strategy to lower operational costs. This decision follows the Radix network’s mainnet launch in July 2023, which provides tools for developers to build and manage decentralized applications (DApps) and financial services on its blockchain.

Piers Ridyard, CEO of {Redux Protocol} (RDX) Works, outlined in an August 29 statement via the company’s official Telegram group that these staff reductions are intended to “refocus” the company's efforts and are part of a “more comprehensive set of changes” aimed at improving efficiency. As of the latest LinkedIn data, RDX Works employed approximately 71 individuals in various roles, including software engineers, cybersecurity , ambassadors, and designers, with some working as freelancers.

Ridyard reassured stakeholders that essential projects, such as the test network Cassandra and multifactor account persona control and recovery, are expected to remain unaffected by these changes. Nonetheless, he acknowledged that there might be temporary disruptions in interactions with familiar contacts within RDX Works.

The Radix (XRD) token has experienced a modest price increase of 1% to $0.02352 over the past 24 hours, according to CoinGecko. Despite this, the token's value remains down over 96% from its peak of $0.6513 reached on November 14, 2021.

The workforce reduction coincides with the announcement of a new strategic partnership. On August 27, RDX Works revealed collaborations with digital asset market maker Keyrock, asset manager G-20, and crypto high-frequency trading firm Portofino to introduce flash liquidity to the Radix ecosystem. The aim of flash liquidity is to enhance the accessibility and liquidity of crypto assets across various blockchains within the ecosystem.

This layoff follows a similar reduction of 25% in March 2023, which predominantly affected business support teams rather than technical roles.

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