Octopus Network on NEAR Protocol to cut 40% of staff

Octopus Network, built on NEAR Protocol announced a comprehensive restructuring in response to adverse market conditions.

The project team will be reduced by 40% — from 30 to 12 people. The salaries of the remaining staff will be cut by 20%. Token incentives will be suspended for an indefinite period.

\”The crypto-winter will last at least another year, perhaps much longer. Most Web3-startups will not survive,\” commented Octopus Network founder Luis Liu.

According to him, the project will focus on the most important directions. A central place in the updated strategy will be cross-chain solutions and \”expanding IBC to blockchains not based on Cosmos SDK.\”

The Octopus Network platform is designed to support Web3 by providing appchain-infrastructure.

Earlier in November, the largest US cryptocurrency exchange Coinbase announced a reduction of 60 jobs.

Similar moves were adopted by platforms Kraken, Bybit and OpenSea.

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