Near Projects Octopus Network lays off 40% of its staff amid crypto winter

Octopus Network, a decentralized app chain network natively built on the NEAR protocol, announced It will be a “refactoring” to adapt to the current market conditions.

As part of the refactoring process, the Octopus network will let go of about 40% of the team, which is 12 out of 30 members. The rest of the staff will also be subject to her 20% salary cut, and that team’s token his incentives will be suspended indefinitely.

according to Louis LiuThe Octopus Network founder has lived through previous crypto winters, but this winter is very different from other winters. It will last at least another year, probably longer,” he added, adding, “Most Web3 startups will not survive.”

In addition to layoffs and salary cuts, the founders also shared that the network will have to undergo a change in strategy to survive the crypto winter. This includes condensing operations while he focuses on building using NEAR and IBC as the basis for new strategies.

RELATED: Crypto layoffs provoke mixed reactions from the community

In recent months, many companies have laid off employees and had to make tough decisions to ensure their survival. In December, cryptocurrency exchange Bybit announced his second round of job cuts to weather the bear market. Prior to this, Bybit’s employee count grew from a few hundred to over 2,000 in his two years.

In the same month, an Australian cryptocurrency exchange called Swyftx also cut 35% of its staff in preparation for a “worst case scenario.” Swyftx laid off a total of 90 staff members. The company’s CEO, Alex Harper, said the company “wasn’t immune” from his FTX demise, even though he never touched FTX.

More job cuts could hit crypto workers if current market conditions continue to deteriorate.