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<\/p>\n
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
According to Louis Liu, 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
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