40% of Staff ousted from NEAR Protocol’s Octopus Network

Sahana Kiran
Source – Medium

2022 has been the year of crypto layoffs. From the biggest to the smallest, a plethora of firms reduced their workforce in response to the gruesome bear market. Adhering to the market conditions, NEAR Protocol’s Octopus Network will be bidding adieu to 40 percent of its workforce.

As per reports, 12 out of 30 members will depart from the core team. In addition to this, those who will be retained at the firm will endure a 20 percent cut in their salary. Token incentives for the members of the Octopus Network are out of the picture for some time at least.

In an elaborate Medium post titled “Core Team Refactoring for Octopus 2.0” Louis Liu, the founder of the network pointed out how this time’s crypto winter is much harsher than the previous ones. Further making a prediction about the ongoing market, Liu said,

“..the crypto winter will last at least another year, perhaps much longer. Most Web3 startups will not survive. I wouldn’t recommend that ordinary people launch a Web3 startup in the coming year unless they receive support from large institutional investors.”

NEAR Protocol’s Octopus network allows applications to operate on blockchains called appchains. Additionally, the project also focuses on aiding Web3 applications employing its appchain infrastructure.

Will Octopus Network survive this crypto winter?

As seen above, Liu noted how Web3 startups could be in trouble. However, Liu also pointed out that the firm is revising its strategy in order to make sure the network survives. He stated,

“The most important thing is to ensure that Octopus Network will survive the crypto winter and occupy an important position in the upcoming Internet of Blockchains. Therefore, we will condense operations and focus on building in the next year.”

Throughout the year, an astounding 9,564 individuals were asked to leave their jobs. NEAR Protocol’s Octopus network is speculated to be the last one for this year.