The decentralized finance platform Radix Network announced a 15% workforce reduction on Aug. 28. CEO Piers Ridyard stated that the decision was made to decrease overhead costs. Ridyard said that while core projects like Flash Liquidity and MFA are expected to continue, users may experience disruptions due to the changes.
Layer-1 Platform Radix Cuts Workforce by 15%
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RDX Works Seeks to Reduce Overhead Costs
The team behind the layer-1 smart contract platform, Radix Network, announced on Aug. 28 that it had decided to reduce its workforce by 15%. Piers Ridyard, the CEO of RDX Works, said the difficult decision was aimed at reducing overhead costs.
In a statement shared via Radix’s official Telegram channel, Ridyard warned users to expect disruptions as a result of these changes.
“While core deliverables for Flash Liquidity, MFA, Cassandra, etc are unlikely to be affected, some familiar faces or points of contact with RDX Works may be disrupted. Myself, Adam and the rest of the team will be available across the community to pick up outstandings,” the CEO stated.
Ridyard pleaded with users to be patient with his team as it works to ensure a smooth transition, even if it takes longer than usual.
Radquest Launch Fiasco
Reacting to Ridyard’s announcement, some users questioned whether steps had been taken to hold accountable those whose decision-making forced RDX Works’ hand. One Telegram user specifically asked if those leaving were also responsible for the so-called Radquest launch fiasco.
Launched on July 30, Radquest, a mobile-ready Web3 gamified onboarding platform, was intended to offer an engaging, educational, and intuitive experience. At the time, Ridyard characterized the platform as reflecting “the ethos of how the entire Radix ecosystem has been built.”
However, the Telegram user Horteka seemed to express misgivings about the decision, suggesting it may have been made to appease community members.
“I hope that those who are leaving aren’t just scapegoats to make some of the community members happy and reduce the costs since the actual current structure is no longer sustainable,” the user said.
The user also suggested slashing salaries or XRD allocations of those responsible for the bad decisions as one way of lessening the pain for those affected.
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