CRYPTO WINTER: Octopus Network To Commence Staff Layoff

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Just when we thought the effect of the recent crypto winter was beginning to subside, yet another decentralized network has taken a hit.

>What Is Crypto Winter?
In cryptocurrency market parlance, a crypto winter is a period of poor performance. It is similar to the term in the stock market. Crypto winters are characterized by negative sentiment and lower average asset values among most digital currencies.

Research shows that crypto winters have a major impact on investor mentality. Looking at the cryptocurrency price history, it's sometimes easy to spot a crypto winter because the downturn may come with a double-digit percentage drop in crypto values.
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The Octopus network, a decentralized app chain network natively built on NEAR Protocol, has been hit hard, so much so that it will have to make some necessary changes, starting with downsizing its staff strength and even slashing salaries of those fortunate to still have their jobs afterward.

All of these changes are subject to the current state of the market. The Octopus Network has a total number of 30 staff, and roughly 40%- 12 of them will be laid off as announced. As stated earlier, the remaining 18 staff would be subject to over 15% pay cut, and token incentives suspended indefinitely. Sad.

As part of its refactoring process, Octopus network will let go of roughly 40% of its team, which accounts for 12 out of 30 members. The remaining staff will also be subjected to a 20% salary cut, while its team token incentive will be suspended indefinitely.

I cannot begin to imagine how terrible a time it must be for the Network. Even the founder– Louis Liu has stated that this particular crypto winter is unlike any other he has ever witnessed. He says that he also sees no immediate end to it and that a good number of web3 startups will not make it through the winter as well.

To survive the crypto winter, the founder also shared that in addition to layoffs and pay cuts, the network will have to undergo a strategy change; which would involve condensing operations, while focusing on building with NEAR and IBC as the cornerstones of the new strategy.
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Just like the Octopus Network, several other crypto-related organizations have had to shut down completely, lay off staff, or slash salaries just so the business could see another light of day. Examples include crypto exchange Swyftx, Bybit, and many others.

Despite not having relations with FTX, the organization still could not escape the overall effect of the crash. For Swyftx, it was a layoff of about 90 staff in December.

If the market conditions continue to depreciate, more organizations will suffer.

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