Octopus Network, a decentralized application chain network natively built on NEAR Protocol, has Announced which will be “refactoring” to adapt to current market conditions.
As part of its refactoring process, the Octopus Network will let go of approximately 40% of its team, which represents 12 of the 30 members. Other staff will also be subject to a 20% pay cut, while their token team incentive will be suspended indefinitely.
According to louis louis, the 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 this "current crypto winter to last at least another year, maybe much longer," adding that "most Web3 startups won't 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 go through a change in strategy; which would imply condensing operations, while focusing on building with NEAR and IBC as the cornerstones of the new strategy.
Related: Crypto layoffs trigger mixed responses from the community
In recent months, many companies have had to lay off staff and make difficult decisions to ensure their survival. In December, the 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 over 2,000 in two years.
In the same month, an Australian crypto exchange called Swyftx also cut 35% of its staff in preparation for what he called the "worst case scenario." Swyftx laid off a total of 90 staff members. 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.
More rounds of layoffs could potentially affect the crypto workforce if current market conditions continue to decline.
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