Octopus Network, the decentralized app chain network natively built on NEAR Protocol, has officially announced that they will be “refactoring” to adapt to current market conditions, and as part of that process will be laying off around 40% of it’s staff.
That means that Octopus Network will see around 12 of it’s 30 staff members let go, with the remaining staff subjected to a 20% salary cut, while its team token incentive will be suspended indefinitely.
According to Octopus Network founder Louis Liu, “this winter is very different from the others.” Liu said 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 a strategy designed to survive the crypto winter, Liu said that in addition to layoffs and pay cuts, Octopus Network will have to undergo a strategy change, one that would involve condensing operations, while focusing on building with Near and IBC as the cornerstones of the new strategy.
