Near Project’s Octopus Network lays off 40% of its staff amid crypto winter

Octopus Network, a decentralized app concatenation web natively built connected NEAR Protocol, has announced that it volition beryllium “refactoring” to accommodate to existent marketplace conditions. 

As portion of its refactoring process, Octopus web volition fto spell of astir 40% of its team, which accounts for 12 retired of 30 members. The remaining unit volition besides beryllium subjected to a 20% wage cut, portion its squad token inducement volition beryllium suspended indefinitely.

According to Louis Liu, the laminitis of the Octopus Network, though helium has lived done erstwhile crypto winters, “this wintertime is precise antithetic from the others.” Liu said helium anticipates that this existent “crypto wintertime volition past astatine slightest different year, possibly overmuch longer,” adding that “most Web3 startups volition not survive.”

To past the crypto winter, the laminitis besides shared that successful summation to layoffs and wage cuts, the web volition person to acquisition a strategy change; which would impact condensing operations, portion focusing connected gathering with NEAR and IBC arsenic the cornerstones of the caller strategy.

Related: Crypto layoffs trigger mixed responses from the community

In caller months, galore companies person had to laic disconnected unit and marque hard decisions to guarantee their survival. In December, the cryptocurrency exchange Bybit announced a 2nd circular of layoffs successful an effort to past the carnivore market. Prior to this, Bybit’s worker headcount had grown from a fewer 100 to implicit 2,000 successful 2 years.

In the aforesaid month, an Australian crypto speech called Swyftx besides chopped 35% of its staff in mentation for what it called a "worst-case scenario." Swyftx laid disconnected a full of 90 unit members. Alex Harper, the company's CEO, shared that contempt not having immoderate vulnerability to FTX, the institution was “not immune” to the fallout from FTX’s collapse. 

More rounds of layoffs could perchance deed the crypto workforce if existent marketplace conditions proceed to decline.