Octopus Network Announces Mass Layoff Amid Sluggish Market

Octopus Network Announces Mass Layoff Amid Sluggish Market
  • All remaining Octopus Network employees will take a 20% pay reduction.
  • Octopus’ founder, Louis Liu, expressed pessimism about the sector as a whole.

In light of the dismal state of the industry. Octopus Network has announced a round of personnel cuts that will see 12 of the core 30 employees go. All remaining Octopus Network employees will take a 20% pay reduction. And the network’s team token incentive will be put on hold indefinitely.

The Octopus Network is an initiative based on the NEAR Protocol blockchain. That aims to facilitate the creation and maintenance of appchains. NEAR is a public Proof-of-Stake (PoS) blockchain that facilitates instant transactions at nominal costs.

Plans to Streamline Operations

Octopus’ founder, Louis Liu, expressed pessimism about the sector as a whole. Predicting that the crypto winter “will last at least another year, perhaps much longer” and that most “Web3 startups will not survive.”

However, the company also has plans to streamline its operations and put more of its focus on expansion over the next year. Octopus asserts that this will make it possible to connect appchains built with frameworks such as Substrate and Cosmos SDK to blockchains that implement the Inter-Blockchain Communication Protocol (IBC).

To manage the authentication and transit of data across two unique blockchains, an open-source protocol known as the Inter-Blockchain Communication Protocol (IBC) was developed.

This comes after the firm declared plans for rapid growth in September 2021 and secured $5 million in Series A investment from a number of venture capital organizations. In addition, this comes after the company stated ambitions for swift development. At first, the Octopus Accelerator Program associated with this project was meant to provide yearly financial support for twenty different appchain initiatives.

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