Adapting to the Crypto Chill
Octopus Network, the decentralized application chain network built on NEAR Protocol, is feeling the bite of the ongoing crypto winter. In a bold move to navigate these frosty market conditions, the network has announced a significant refactoring initiative.
Team Downsizing: A Necessary Evil
As part of its refactoring journey, Octopus Network will unfortunately part ways with nearly 40% of its workforce, meaning 12 out of 30 team members are heading for the exit. While nobody likes delivering the bad news, tough times call for tough decisions. The remaining members won’t escape unscathed either; they’ll see their salaries shrink by 20% and the team token incentive is going on indefinite leave. Talk about a ‘fun’ holiday season!
Liu’s Take on the Crypto Winter
Louis Liu, the mastermind behind the Octopus Network, has been around long enough to witness the cyclical nature of the crypto landscape. However, he assured the team that this particular winter is “very different” from the past ones. It’s like comparing a light drizzle to a full-blown hurricane! Liu predicts that this chilling phase could linger for at least another year, possibly even longer, and adds that many Web3 startups may find themselves left out in the cold.
Strategic Changes on the Horizon
Surviving this winter isn’t merely about layoffs and salary slashes. Liu hints at a broader strategy overhaul focusing on consolidating operations while honing in on the power of NEAR and IBC as foundational elements of their new game plan. It seems like Octopus is not just hibernating—they’re gearing up to emerge stronger!
Industry-Wide Layoffs: A Troubling Trend
Octopus Network isn’t alone in its predicament; across the cryptocurrency landscape, companies are grappling with mounting pressures. For instance, Bybit recently announced a second wave of layoffs, attempting to streamline following a period of explosive growth. From a few hundred to over 2,000 employees in just two years? That’s a rollercoaster ride you don’t want to get stuck on!
Similarly, Australian exchange Swyftx trimmed its workforce by 35%, shedding 90 jobs as they prepare for the worst. CEO Alex Harper mentioned that even without exposure to the notorious FTX collapse, his team is still feeling the ripple effects. If the market continues its downward spiral, more organizations may have to follow suit, leaving many in the crypto workforce bracing for some chilling news.
