RDX Works, the developer of Radix's decentralized finance (DeFi) platform, has cut 15% of its workforce due to the need to cut costs. Piers Ridyard, the company's chief executive, confirmed in a statement to the company's official Telegram group on August 29 that the layoffs were a "refocus" and part of a "more comprehensive change that needs to be made." "One of these was cost cutting. As part of this cost cutting, we at RDXWorks took the difficult decision to reduce our headcount by about 15 per cent, which we have completed today," Mr. Ridyard said. It is reported that Radix Network officially launched its mainnet in July 2023, providing power builders to build and run decentralized applications (DApps) and financial services on the blockchain.