Octopus Network lays off 40% of employees due to market crisis

The Octopus Network, a decentralized application network based on the NEAR protocol, announced that it will lay off about 12 of its 30 employees in order to adapt the company to current market conditions. The rest of the Octopus Network employees will have their salaries cut by 20%, and will also abolish rewards in the form of tokens for an indefinite period.. The founder of the network, Louis Liu, said that despite the fact that the company has successfully coped with previous crypto winters, this year's crisis is significantly different from others. In his opinion, the current market situation will last at least another year or more.. He also added that most of the startups during this time will be forced to close. “The capital market will slowly return to its past values. I wouldn't recommend ordinary people launching a Web3 startup next year unless they get support from large institutional investors,” Liu said. To cope with the crisis, Octopus Network also plans to change its strategy – the company will reduce operations and pay more attention to the development and improvement of the NEAR and IBC protocols.. The main task of the company now is to make Octopus survive the crypto winter and prove its usefulness in the ecosystem. Earlier, the British company Koinly, specializing in cryptocurrency taxation software, announced the dismissal of 16 people.