• Octopus Network, a multichain crypto network, has been forced to lay off 40% of its core team and reduce pay for the remaining members due to the ongoing crypto winter.
• The project founder, Louis Liu, expects the crypto winter to last at least another year.
• In order to survive the crypto winter, Octopus Network has implemented a ‘Voluntary Separation Program’, which includes layoffs, salary cuts, and the suspension of team token incentives.
Octopus Network, a multichain crypto network, has been forced to take drastic measures to survive the ongoing crypto winter. The company had to lay off 40% of its core team and reduce pay for the remaining members in order to stay afloat during this difficult time.
The founder of Octopus Network, Louis Liu, is expecting the crypto winter to last at least another year. In order to survive this prolonged period of bearish market conditions, Liu has implemented a ‘Voluntary Separation Program’. This program includes layoffs of 12 of 30 members of the core team, a 20% salary cut for the remaining team members, and the suspension of team token incentives.
Liu explained that Octopus Network was designed to support Web3 applications by providing appchain infrastructure on-demand. In order to do this, the company has to invest a lot of resources into IT infrastructure and community mindshare. However, the prolonged bearish market conditions have made it difficult to maintain these investments. Therefore, the Voluntary Separation Program was necessary in order to ensure the long-term survival of the company.
In addition to the Voluntary Separation Program, Octopus Network is also pivoting its strategy to focus on the NEAR blockchain and the Inter-Blockchain Communication Protocol (IBC). While these new projects will require some investment and resources, Liu is confident that they will help the company stay afloat during the crypto winter and beyond.
Overall, Octopus Network is taking all the necessary measures to survive the crypto winter. With the implementation of the Voluntary Separation Program and the pivot to the NEAR blockchain and IBC, Liu is hoping that the company will be able to weather the storm and come out on the other side stronger than ever.