- RDX Works has cut 15% of its employees
- This was done to cut costs and refocus their efforts
- The company CEO, Piers Ridyard, stated that key projects remain a priority
- Against this backdrop, the price of the XRD token has shown unexpected stability
RDX Works, the team behind the DeFi Radix platform, cut 15% of its employees in a program to reduce costs and refocus the company on key projects like the Cassandra network and the implementation of multi-factor monitoring.
The company CEO, Piers Ridyard, made an official statement on Telegram on August 29, confirming the cuts and giving details on future strategy.
Reasons and Context for the Radix Layoffs
In July 2023, Radix Works launched its eponymous Radix network and provided a set of tools to build decentralized applications on it, which was a big event for the entire ecosystem.
However, the launch consumed a lot of resources and continues to consume them for its improvements and optimization, which forced it to make quite radical decisions.
Namely, to develop a program of cost reduction and optimization, which included the reduction of staff.
Radix CEO Statements and Details on Duture Strategy
Piers Ridyard made an official statement in the official Telegram group, where he confirmed the cuts, explained the reasons, and gave further perspectives.
“More comprehensive set of changes that need to be made. One of these is also cost-cutting. As part of this, we, RDX Works, has taken the difficult decision to reduce total staff by around 15%, which has been done today.”
One of the key priorities is to continue to develop strategically important solutions as well as work on the implementation of new ones, in particular improvements to the Radix Engine and Network, Cassandra, and the introduction of multi-factor control.
“Goal is to make any crypto asset, regardless of its native blockchain, liquid and accessible within the ecosystem.”
RDX Works also recently announced strategic partnerships with Keyrock, G-20, and Portofino to bring flash liquidity to the Radix ecosystem.
That said, Piers Ridyard warned that any delays in these developments don’t change their priorities and asked for patience.
“We work to make sure handovers are as smooth as possible, but ask for patience as things may be a little slower than usual over the coming days/weeks as we adjust.”
An interesting fact was that the RDX native token did not experience a drop, but rather rose 1% to $0.02352 within 24 hours of the announcement.
Though how this news will affect it may be worth watching over the longer term, with some expecting a decline in value.
Conclusion
Businesses are always optimizing costs because it’s one of their key objectives throughout the cycle of their existence.
Of course, when this affects employees, it becomes a particular problem and always has the risk of turning into problemsfor the company in the long run.
Nevertheless, companies like Radix, which create real solutions aimed at DeFi efficiency and security, have to evolve for the common good of the entire Web3.
