Octopus Network Cuts Staff and Salaries Amid Crypto Winter: Founder Predicts Long-Term Industry Struggles

Network, a project for launching and running application-specific blockchains, recently announced a set of restructuring measures. this included the departure of 12 out of 30 members from its core team, a 20% salary cut for the remaining team members, and the suspension of the team token incentive indefinitely. the restructuring was led by octopus’ founder louis liu, who believes that the current crypto winter will last at least another year.

Restructuring occurred in september 2021, when octopus received $5 million in series a funding from a variety of venture capital firms. at the time, the project promised to fund 20 appchain projects each year via the octopus accelerator program. however, many other firms in the industry have since taken similar measures amid the current crypto winter, including coinbase, opensea, kraken, koinly, and paradigm.

Restructuring was necessary in order to condense operations and focus on building in the next year. octopus network is built on the near protocol blockchain network, which offers speedy transfers and low fees. the inter-blockchain communication protocol (ibc) is an open-source protocol built to handle the authentication and transport of data between two separate and distinct blockchains, and octopus plans to use this to connect various appchains. louis liu believes that the crypto winter will last much longer than expected, and that the majority of web3 startups will not survive, making the restructuring of octopus network necessary for its future success.


By Evey Lovelace

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