- 40% of members were sacked, remaining are expected a 20% of salary cut
- Focus on building cornerstones with the new strategy.
- Many companies have had to cut off Staff and make difficult decisions to survive this crypto winter.
Octopus network, a decentralized app chain network indigenously built on NEAR protocol, has announced that it will be “refactoring” to adapt to the current market scenario.
In the refactoring process, Octopus Network will let go of roughly 40% of its team, which accounts for 24 out of 60 members. The remaining Staff will also be expected to a 20% salary cut, while its team token incentive will be suspended indefinitely.
Octopus Network is designed to support Web3 applications by providing a set of appchain infrastructure on-demand. Appchains have incredible customizability, high performance, and low usage costs but the operational cost is higher than a smart contract on a shared L1 blockchain.
Louis Liu, CEO of Octopus network, stated that
“This winter is very different from the others.” Liu added “he anticipates that this current “crypto winter will last at least another year, perhaps much longer,” also mentioning that “most Web3 startups will not survive.”
https://medium.com/oct-network/core-team-refactoring-for-octopus-2-0-a51ff7911832
The current winter is the third winter the crypto market is experiencing, the first two being 2014-15 and 2018-2019, and as the market is going through—this winter is very different from the other two.
The most important thing Octopus Network ensures is to survive the crypto winter; the founder also shared that in addition to firing and salary cuts, the company will have to undergo a strategy change, which includes condensing operations. Consequently, the company focuses on building a foundation with NEAR and IBC as the foundation of the new strategy.
Octopus team working on IBC for over two years, sitting on the edge of expanding IBC to non-Cosmos-SDK-based blockchains. It also believes that NEAR Protocol is the best L1 blockchain to host Web3 applications due to its unparalleled usability and scalability.
In the last few months, many companies have had to lay off Staff and make difficult decisions to ensure their position and survival. In December, the crypto exchange Bybit announced a second round of layoffs to survive the bear market.
Selfsame, an Australian crypto exchange Swyftx also cut 35% of its Staff—that is around 90 members of the company were laid off in preparation for the “worst.”
More rounds of layoffs might potentially hit the crypto workforce if current market conditions continue to decline.