Octopus Network lays off 40% of employees due to market crisis

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Network of decentralized applicationsOctopus Network, based on the NEAR protocol, said it would lay off about 12 of its 30 employees to adapt the company to current market conditions.

Octopus Network will reduce the rest of its employeessalary by 20%, and will also eliminate incentives in the form of tokens for an indefinite period. Network founder Louis Liu said that while the company has successfully navigated previous crypto winters, this year's crisis is significantly different from others. 

In his opinion, the current market situation will last at least another year or more. He also added that most startups will be forced to close during this time.

“The capital market will slowly return toto their past meanings. I would not recommend that ordinary people launch a Web3 startup next year unless they get support from large institutional investors,” Liu said.

To deal with the Octopus crisisNetwork also plans to change its strategy - the company will reduce operations and place more emphasis on developing and improving the NEAR and IBC protocols. The company’s main task now is to ensure that Octopus survives the crypto winter and proves its usefulness in the ecosystem.

Earlier, the British company Koinly, specializing in software for taxation of cryptocurrencies, announced the dismissal of 16 people.