{"id":531565,"date":"2022-12-27T00:45:00","date_gmt":"2022-12-26T21:45:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/near-projects-octopus-network-lays-off-40-of-its-staff-amid-crypto-winter\/"},"modified":"2022-12-27T00:45:00","modified_gmt":"2022-12-26T21:45:00","slug":"near-projects-octopus-network-lays-off-40-of-its-staff-amid-crypto-winter","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/near-projects-octopus-network-lays-off-40-of-its-staff-amid-crypto-winter\/","title":{"rendered":"# Near Project\u2019s Octopus Network lays off 40% of its staff amid crypto winter"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a40f1a0dfb39\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a40f1a0dfb39\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/near-projects-octopus-network-lays-off-40-of-its-staff-amid-crypto-winter\/#%E2%80%9D_Near_Projects_Octopus_Network_lays_off_40_of_its_staff_amid_crypto_winter_%E2%80%9C\" >&#8221; Near Project\u2019s Octopus Network lays off 40% of its staff amid crypto winter &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Near_Projects_Octopus_Network_lays_off_40_of_its_staff_amid_crypto_winter_%E2%80%9C\"><\/span>&#8221; Near Project\u2019s Octopus Network lays off 40% of its staff amid crypto winter &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTIvYjI0YjRjNjUtYzk4Ni00MWQzLWE4MDQtZGVjYzEyODg1MDNkLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-71d2d00b>Octopus Network, a decentralized <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a> chain network natively built on NEAR Protocol, has <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/medium.com\/oct-network\/core-team-refactoring-for-octopus-2-0-a51ff7911832\">announced<\/a> that it will be \u201crefactoring\u201d to adapt to current market conditions.\u00a0<\/p>\n<p>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.<\/p>\n<p>According to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/medium.com\/@louisliubj?source=post_page-----a51ff7911832--------------------------------\">Louis Liu<\/a>, the founder of the Octopus Network, although he has lived through previous crypto winters, \u201cthis winter is very different from the others.\u201d Liu said he anticipates that this current \u201ccrypto winter will last at least another year, perhaps much longer,\u201d adding that \u201cmost Web3 startups will not survive.\u201d<\/p>\n<p>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.<\/p>\n<p><strong><em>Related: Crypto layoffs trigger mixed responses from the community<\/em><\/strong><\/p>\n<p>In recent months, many companies have had to lay off staff and make difficult decisions to ensure their survival. In December, the cryptocurrency exchange Bybit announced a second round of layoffs in an attempt to survive the bear market. Prior to this, Bybit\u2019s employee headcount had grown from a few hundred to over 2,000 in two years.<\/p>\n<p>In the same month,\u00a0an Australian crypto exchange called Swyftx also cut 35% of its staff\u00a0in preparation for what it called a &#8220;worst-case scenario.&#8221; Swyftx laid off a total of 90 staff members. Alex Harper, the company&#8217;s CEO, shared that despite not having any exposure to FTX, the company was \u201cnot immune\u201d to the fallout from FTX\u2019s collapse.\u00a0<\/p>\n<p>More rounds of layoffs could potentially hit the crypto workforce if current market conditions continue to decline.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/near-project-s-octopus-network-lays-off-40-of-its-staff-amid-crypto-winter\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Near Project\u2019s Octopus Network lays off 40% of its staff amid crypto winter &#8220; Octopus Network, a decentralized app chain network natively built on NEAR Protocol, has announced that it will be \u201crefactoring\u201d to adapt to current market conditions.\u00a0 As part of its refactoring process, Octopus network will let go of roughly 40% of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":531566,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/b24b4c65-c986-41d3-a804-decc1288503d.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,74863,74860,93542,117,73711,4965],"class_list":["post-531565","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-web3","tag-business","tag-investments","tag-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/531565","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=531565"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/531565\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/531566"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=531565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=531565"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=531565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}