DeFi Network Radix Cuts 15% of Workforce to Reduce Costs

Crypto Jobs DeFi

The CEO assured that key projects at Radix are unlikely to be affected by the recent changes. Last updated:

August 29, 2024 02:18 EDT

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

About Author

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

Author Profile

Share

Copied

Last updated:

August 29, 2024 02:18 EDT

Why Trust Cryptonews With over a decade of crypto coverage, Cryptonews delivers authoritative insights you can rely on. Our veteran team of journalists and analysts combines in-depth market knowledge with hands-on testing of blockchain technologies. We maintain strict editorial standards, ensuring factual accuracy and impartial reporting on both established cryptocurrencies and emerging projects. Our longstanding presence in the industry and commitment to quality journalism make Cryptonews a trusted source in the dynamic world of digital assets. Read more about Cryptonews 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 uted 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 eco 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 eco.

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 eco.

Flash Liquidity is coming to Radix, backed by three leading crypto market makers: Keyrock, G-20, and Portofino.

Discover more about Flash Liquidity and its benefits to Radix DeFi 🧵⤵️ pic.twitter.com/4TUbehElUv

— Radix – Radically Different DeFi (@radixdlt) August 27, 2024

Follow Us on Google News