Octopus Network, a decentralized network of application chains based on the NEAR Protocol, has announced that it will be “refactored” to adapt to current market conditions.
As part of your refactoring process, Octopus Network will do without approximately 40% of its team, which means 12 of its 30 members. Other staff will also take a 20% pay cut, while their team token incentive will be suspended indefinitely.
According to Louis Liu, founder of the Octopus Network, although he has lived through previous crypto winters, “this winter is very different from the others.” Liu said that he anticipates that this current “crypto winter will last at least another year, perhaps much longer,” adding that “most Web3 startups will not survive.”
In order to survive the crypto winter, the founder also shared that in addition to layoffs and pay cuts, the network will have to undergo a change of strategy; which would entail condensing operations, while focusing on construction with NEAR and IBC as the cornerstones of the new strategy.
In recent months, many companies have had to lay off staff and make difficult decisions to ensure their survival. In December, cryptocurrency exchange Bybit announced a second round of layoffs in an attempt to survive the bear market. Prior to this, Bybit’s employee numbers had grown from a few hundred to more than 2,000 in two years.
in the same monthan Australian cryptocurrency exchange called Swyftx has also cut 35% of its staff in preparation for what it called a “worst case scenario.” Swyftx laid off a total of 90 employees. Alex Harper, the company’s CEO, shared that despite not having any exposure to FTX, the company was “not immune” to the fallout from the FTX collapse.
If current market conditions continue to worsen, more layoffs could occur in the cryptocurrency sector.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.