Octopus Network, a multichain Web3 infrastructure platform, has initiated a significant restructuring to endure the prolonged crypto winter, announcing layoffs affecting 40% of its team alongside a 20% pay cut for remaining staff. Founder Louis Liu detailed in a December 26, 2022 blog post that the harsh market conditions have forced the company to streamline operations, including suspending team token compensation and pausing development on Octopus 2.0. The voluntary separation program aims to reduce costs after heavy investments in projects like NEAR and IBC, reflecting broader struggles within the cryptocurrency and blockchain industry as startups fight for survival amid capital market slowdowns.
