Octopus Network – a multichain crypto network supporting Web3 applications – will lay off 40 of its staff members to ensure its survival amidst the ongoing crypto winter.
The adverse macroeconomic factors have taken their toll on numerous other industry leaders who took similar action over the past several months. Some examples are Coinbase, CryptoCom, Huobi, Bybit, BitMEX, and others.
This Winter is Different Than the Others
In a recent letter, Louis Liu – Founder of Octopus Network – announced that they will refactor the team to cope with the unfavorable market conditions. He also argued that the present bear market is somewhat different than the previous ones:
“The current winter is the third winter I’ve experienced, the first two being 2014–2015 and 2018–2019 — and I see that this winter is very different from the others.”
Liu believes that crypto will be among the most affected industries, where high risks and enhanced volatility will continue to reign. He also thinks that the majority of Web3 startups will not endure the challenging times, predicting the negative trend will last for at least another year.
As such, Octopus Network (which supports the development of Web3 blockchain applications) enforced its “Voluntary Separation Program” and will dismiss 40 of its total workforce. In addition, the 18 people left will have to agree on a salary-cut deal:
