Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
DeFi Network Radix Cuts 15% of Workforce to Reduce Costs

DeFi Network Radix Cuts 15% of Workforce to Reduce Costs

CryptoNewsCryptoNews2024/08/29 09:18
By:Shalini Nagarajan

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

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.

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 🧵⤵️ https://t.co/LS7gBoBZEP pic.twitter.com/4TUbehElUv

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

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Trivago integrates with Travala, enabling hotel bookings in over 100 cryptocurrencies

Trivago has integrated with blockchain-based Travala to offer hotel bookings in over 100 cryptocurrencies.It follows integrations with Skyscanner and KAYAK, making Travala discoverable alongside leading travel agencies such as Expedia and Booking.com.

The Block2025/02/04 12:11

Trump-backed World Liberty Financial courts crypto teams for token swaps

$10 million plus interest is said to be the going rate for World Liberty Financial to buy a crypto project’s tokens

Blockworks2025/02/04 12:11