Octopus Network Fires 40% Of Its Employees During The Crypto Winter

The decentralised app chain network Octopus Network, which is natively based on NEAR Protocol, has declared that it will “refactoring” its framework in order to accommodate the existing circumstances in the market.

In order to complete the refactoring process, Octopus Network will be letting go of around forty percent of its crew, which is equivalent to twelve out of thirty people. The remaining personnel will also have their salaries reduced by twenty percent, and the incentive of receiving tokens for the team will be discontinued forever.

Even though Louis Liu, the creator of Octopus Network, has experienced crypto winters in the past, he believes that “this winter is extremely different from the others.” The present “crypto winter” is expected to last for at least another year, and maybe much longer, according to Liu, who also said that “the majority of Web3 companies will not survive.”

The creator also highlighted that in addition to layoffs and wage cutbacks, the network would need to go through a strategy shift in order to survive the crypto winter. This transition would mean compressing operations while concentrating on growing NEAR and IBC as the foundations of the new strategy.

In the last several months, a lot of businesses have been forced to fire employees and make tough choices in order to guarantee that they will continue to exist. Bybit, a cryptocurrency exchange, stated in December that it would be conducting a second wave of layoffs as part of its efforts to weather the bear market. Prior to this, the number of people working with Bybit had increased from a few hundred to over 2,000 in a little over two years.

In the same month, an Australian cryptocurrency exchange known as Swyftx laid off 35% of its workforce in order to be ready for what it described as a “worst-case scenario.” Swyftx terminated the employment of ninety of its staff members in total. Alex Harper, the chief executive officer of the firm, said that despite the fact that the business did not have any exposure to FTX, it was “not immune” to the consequences of the collapse of FTX. If the present market circumstances continue to deteriorate, there is a good chance that the crypto workforce will see more waves of layoffs.

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