Golden Finance reported that RDX Works, the developer of the Radix decentralized finance (DeFi) platform, laid off 15% of its employees due to the need to reduce costs. Piers Ridyard, the company's CEO, confirmed in a statement to the company's official Telegram group on August 29 that the layoffs were for "refocusing" and were part of "more comprehensive changes that need to be made." Piers Ridyard said: "One of them is cost cutting. As part of cost cutting, we at RDXWorks made the difficult decision to reduce the total number of employees by about 15%, and this decision has been completed today." It is reported that the Radix network officially launched its mainnet in July 2023, providing development tools to build and run decentralized applications (DApps) and financial services on the blockchain.