As part of the restructuring process, the decentralized application octopus network has announced to let go of their employees by 40%, which means that 12 of 30 employees will be forced to leave out from the core team of the company.
This is to refract their core team for the launch of octopus 2.0. The remaining team members will be advised to accept a 20% salary cut, and further incentives will be suspended by the company.
Octopus network, another project launching and running to offer quick transfers at low fees by constructing application-specific blockchains built on a proof-of-stake blockchain network.
They offer a full package of app chain infrastructure on demand at exceptional customizability, cheap consumption rates, and fast performance.
What Is The Reason Behind This Layoff?
According to Louis Liu, this decision was chosen to change the strategy of the company as it takes several resources in terms of IT infrastructure and community to build.
The company is also focusing on building and condensing operations in the coming year, which includes connecting various app chains based on the substrate or Cosmos SDK to inter-blockchain communication.
Octopus network has been focusing on the interblock chain network for the past two years, the company assures that the Near project will be one of the finest L1 blockchains to host Web3 applications.
The internet tech sector has widely adopted cryptocurrency as a part of the global market, with the involvement of government and financial institutions.
Unlike other years this year’s crypto winter is supposed to last for another year and the majority of Web3 applications will bleed into the market.
The founder of octopus recommends not launching any web3-based startups unless backed by large financial institutions for unconventional support.
The reason to revise the octopus network’s strategy is, the founder cannot afford the octopus community to lose a batch of onboard app chains within a year.
For web3 applications to distribute their native tokens to excite their proof-of-stake validators, which all come from the Octopus network.
For effective distribution, it requires a numerous amount of resources to support the app chain with concern for IT infrastructure and community.
For the octopus community to survive this crypto winter and to occupy a prominent position in the market in the upcoming blockchain technologies, they will have to finish building their projects Near and Inter blockchain communications, as their new terms of strategy.
The developers of the company always believed that near project and inter-blockchain communication will inherit a part of the blockchain internet by the launch of Octopus 2.0, becoming the best L1 blockchain to host web3 applications due to its exceptional utilization and scalability.
It is much required for this transition for the company to survive this crypto winter. In addition, the founder has welcomed all the interested admirers of blockchain technology for the community call, which is to be held on January 8, to discuss more about the newly launched octopus 2.0.
Apart from the octopus network, many companies had to lay off their staff and took crucial decisions to survive this crypto winter. The reports suggest that cryptocurrency exchange Bybit, held the second round of lay off to survive the bear market.
In the same month, another cryptocurrency exchange firm Swyftx, based in Australia laid off 35% of its employees in response to their worst-case scenario, the company’s CEO in a statement said that the company is not immune to the fallout of the cryptocurrency exchange giants FTX, even though Swyftx does not have any exposure to the FTX.
In the latter part of 2022, we witnessed that coin base axing off 18%, followed by NFT platform OpenSea cutting 20% of its employees.
It is evident that if the currency markets continue to decline, many cryptocurrency workforces will be forced to the axing of their employees at some rate to survive in the long run.
Harry Aston is a technology writer with a Master’s in Computer Science from MIT. He has over 5 years experience simplifying complex tech topics like AI. His writing makes emerging technologies accessible for mainstream readers. Harry aims to educate people on AI’s potential to improve society.