The Octopus Network will be laying off almost forty percent of their network’s workforce. The surviing sixty will also be getting twenty percent paycut.
The app chain network has built a NEAR Protocol inside the company and stated that it is going to adapt the recent winter in the market.
As a part of this said process, the decentralized network will be letting the forty percent of its working team go. The number is twelve out of the thirty currently working there. As per recent news, the twenty of the rest will be immediately taking a twenty percent of paycut too.
As per the founder of the network, Louis Liu, who has already survived few of the previous crypto winters, this window is vastly distinctive from the other networks.
Octopus Network Firing Forty Percent Of Their Workforce:
In order to survive a winter in the crypto market, the founder have shared that that Octopus Network will be having a change in strategy along with their paycuts and firing of workforce. This also includes some condensing operations while simultaneously focusing on the building cornerstores of their new strategy.
Many businesses have recently been forced to make tough decisions as well as lay off employees in order to stay in business. In an effort to survive this bear market, the crypto trading Bybit revealed a second wave of layoff in Dec. Before this, the number of employees at Bybit increased in only 2 years from just few 100 to over 2k.
During the same month, Swyftx, an Australian cryptocurrency exchange, reduced thirty-five percent of its workforce in anticipation of a “worst-case event.” Swyftx let go of 90 employees in total. The firm was “not exempt” to the effects of FTX’s demise, according to Harper, the CEO, despite it having no connection to FTX.