PANews reported on August 29 that according to Cointelegraph, RDX Works, the team behind the Radix decentralized finance (DeFi) platform, announced a 15% layoff, citing cost reduction needs. The Radix network officially launched its mainnet in July 2023, providing developers with tools to build and run decentralized applications (DApps) and financial services on the blockchain.

The company's CEO Piers Ridyard issued a statement in the company's official Telegram group on August 29, confirming that the layoffs were for "refocusing" and noting that it was "part of a more comprehensive change that needs to happen." He said: "One of those changes is also to cut costs. To this end, we at RDXWorks have made the difficult decision to lay off approximately 15% of our employees today."