RDX Works, the development team behind the Radix decentralized finance (DeFi) platform, has reduced its workforce by 15% as part of a broader strategy to lower operational costs. The decision was confirmed by CEO Piers Ridyard in an announcement on August 29, stating the need to “refocus” the company’s efforts amid a series of necessary changes.
The Radix mainnet, which launched in July 2023, provides tools for developers to create and manage decentralized applications (DApps) and financial services on the blockchain. Despite the layoffs, Ridyard emphasized that crucial projects like Cassandra, the network’s test environment, and multifactor account controls will not be impacted significantly. However, he warned of possible short-term disruptions and delays.
Approximately 71 individuals are currently listed on LinkedIn as RDX Works employees, ranging from software engineers to cybersecurity analysts. The layoffs follow a previous cut of 25% of staff in March 2023, which primarily affected non-technical roles.
The news of the layoffs has not had a major impact on the Radix (XRD) token, which rose by 1% to $0.02352 in the past 24 hours. However, the token remains down over 96% from its all-time high in November 2021.
Coinciding with the layoffs, RDX Works announced a new strategic development partnership with Keyrock, G-20, and Portofino to introduce “flash liquidity” to the Radix ecosystem. This initiative aims to make any crypto asset, regardless of its blockchain, easily accessible and liquid within the Radix network.
The company’s efforts to navigate a challenging market while focusing on core development may signal a shift in strategy to sustain its position in the competitive DeFi landscape.