Key Points:
- Radix cuts 15% of staff to focus and lower expenses.
- Key projects like Cassandra and account recovery are still on track.
- The layoffs follow a new partnership aimed at boosting liquidity.
Radix DeFi Network Cuts 15% of Staff to Refocus Efforts
RDX Works, the team behind the Radix decentralized finance (DeFi) platform, has reduced its workforce by 15% to cut costs and refocus the company’s priorities. The decision, confirmed by CEO Piers Ridyard on August 29, 2024, was part of a broader plan to make the company more efficient.
Why Radix Made the Cuts
Radix launched its mainnet in July 2023, offering tools for developers to build decentralized applications (DApps) and financial services on its blockchain. However, the team recently decided that changes were necessary to ensure the long-term success of the platform.
In a statement shared in Radix’s official Telegram group, Ridyard explained that the company needed to refocus its efforts and reduce expenses. This led to the tough decision to let go of about 15% of the staff. Ridyard emphasized that while this is a difficult step, it is necessary to make Radix more streamlined and focused.
Impact on Radix Projects and Ecosystem
Despite the staff cuts, Ridyard reassured the community that key projects, like the test network Cassandra and multifactor account persona control and recovery, would continue as planned. However, he acknowledged that there might be some disruptions in communication, as familiar contacts within the company may no longer be available.
Interestingly, the Radix token (XRD) wasn’t significantly affected by the news. According to CoinGecko, the token price even saw a slight increase of 1% to $0.02352 in the last 24 hours, although it remains down by over 96% from its all-time
