Octopus Network Announces it is Laying Off 40% of Workforce
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Octopus Network, a project that is based on NEAR Protocol, has announced it plans to lay off about 40% of its employees due to unfavorable market conditions.
In addition, according to the project, the salary of the remaining staff will be reduced by 20% and the promotion with tokens will be suspended indefinitely.
Octopus Network founder Louis Liu has said:
“The crypto winter will last at least another year, possibly much longer. Most Web3 startups will not survive.”
He has said that the project will focus only on the most key areas. An important place in the updated strategy will be occupied by cross-chain solutions and “extension of IBC to blockchains not based on the Cosmos SDK.”
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