Radix, a decentralized finance platform, has announced a 15 percent reduction in its workforce as part of a strategic refocusing.
Telegram Announcement
Piers Ridyard, the CEO of RDX Works (Radix), updated this to all the members of his Telegram channel. According to him, this is part of a broader set of necessary adjustments. The core deliverables for Flash Liquidity, Multifactor account persona control and recovery (MFA), and test network Cassandra will not be affected.
Impact on XRD Token
Following the news of staff cuts, the price of the Radix ecosystem token is showing a bearish trend. At press time, XRD is trading at $0.02361 with a 1.08% decrease. As of August 29th, the market cap of XRD is $248M.
Radix Network Updates
Radix recently announced significant updates aimed at enhancing its decentralized finance (DeFi) ecosystem. The updates include improvements in scalability, security, and user experience. The network’s consensus algorithm has been optimized to support faster transaction processing, and new developer tools have been introduced to streamline the creation of decentralized applications (dApps) on the platform.
The workforce reduction and network updates are aimed at improving strategic focus and developing the Radix ecosystem. The temporary token price drop is an expected reaction to the changes.
Comments