- The Radix network has reduced its workforce by 15%, a move made for strategic refocusing.
- XRD token sees a 1.08% decline following the announcement, with Radix’s market cap at $248M.
Radix, a decentralized finance platform is removing 15 percent of their staff from the company. Piers Ridyard, the CEO of RDX Works (Radix) has updated this to all the members of his Telegram channel. These layoffs are said to be a broader set of necessary adjustments.
He says that this refocus is done as a part of a more comprehensive set of changes that has to be made. He has also mentioned that the core deliverables for Flash Liquidity, Multifactor account persona control and recovery (MFA), and test network Cassandra will not be affected.
In addition, he has also assured people that he, Adam, the Chief Strategy Officer at RDX Works, and the team will be within easy reach across the community. The cutting costs which is usually done to reduce expenses and improve profitability in a company, is one of the parts of Radix’s “Refocus” agenda. Since the network needs to adjust and things will be a little slower for the coming few days, Piers has asked for people’s understanding.
Moreover, based on the news of staff cuts, the Radix ecosystem token price is showing a bearish trend. At press time, XRD is currently trading at $0.02361 with a 1.08% decrease. As of 29th August, the market cap of XRD is $248M.
Radix Network to Enhance DeFi Capabilities and Scalability
Radix has recently announced significant updates aimed at enhancing its decentralized finance (DeFi) ecosystem. The Radix Public Network (XRD) has undergone upgrades to improve scalability, security, and user experience.
Also, the network’s consensus algorithm has been optimized to support faster transaction processing. Additionally, Radix has introduced new developer tools to streamline the creation of decentralized applications (dApps) on its platform.
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