• News
    • Bitcoin
    • Altcoins
  • NFT
  • Metaverse
  • Analysis
  • Regulation
  • Learn
  • Market Cap
What's Hot

Belgium to introduce new crypto ad regulation

2023-03-21

Exploring the Metaverse: A Guide to Investing in Metaverse Stocks

2023-03-20

Taiwan orders financial watchdog to take over crypto regulations

2023-03-20
Facebook Twitter Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
Facebook TikTok Instagram YouTube
CryptoNewsMetaverse
  • News
    • Bitcoin
    • Altcoins
  • NFT

    Meta Shuts Down NFT Project to Focus on FinTech and Content

    2023-03-14

    Solana’s Solend V2 Release, Is SOL Price $50 Next?

    2023-03-06

    Amazon NFT Marketplace To Reportedly Launch Next Month

    2023-03-06

    Blur Coin Under Fire As Allegations Of Wash Trading Emerge

    2023-03-01

    Yuga Labs Launches A New NFT Collection on Bitcoin Network

    2023-02-28
  • Metaverse

    Exploring the Metaverse: A Guide to Investing in Metaverse Stocks

    2023-03-20

    A Guide to Virtual Land Staking in the Metaverse

    2023-03-20

    Nissan Doubles Down on Web3 Innovation

    2023-03-13

    As Fashion Moves into the Metaverse, What Other Industries Could Be Next

    2023-03-13

    South Korea Launches New ‘Metaverse Fund’

    2023-03-13
  • Analysis

    DOJ Officially Seizes Over $456,000,000 Worth of Robinhood Shares Tied to FTX Founder Sam Bankman-Fried

    2023-01-08

    Mark Cuban Makes Prediction on Next Crypto ‘Scandal,’ Warns of Potential Implosion if Exposed: Report

    2023-01-08

    Binance Listings Cause Crypto Assets To Spike an Average of 41%: New Research

    2023-01-08

    Bitcoin Whales Unloaded BTC As Market Reversed and Parked Their Profits in This Crypto Asset Class: Santiment

    2023-01-07

    Crypto Analyst Predicts Breakout for AI-Focused Altcoin, Updates Outlook on Ethereum and Lido DAO

    2023-01-07
  • Regulation

    Belgium to introduce new crypto ad regulation

    2023-03-21

    Taiwan orders financial watchdog to take over crypto regulations

    2023-03-20

    Florida Governor Moves to Ban CBDCs, Calls for Coalition of States to Follow Suit

    2023-03-20

    Florida Governor Ron DeSantis seeks to ban US CBDC in state

    2023-03-20

    Cardano Creator Charles Hoskinson Slams Politicians for Blaming US Banking Crisis on Crypto

    2023-03-20
  • Learn

    What are Dapps (Decentralized Applications) Crypto?

    2023-03-17

    How to Short Sell Bitcoin

    2023-03-17

    Why Decentralized Exchanges Are On Rise? Can INNODEX Surpass Binance and Uniswap?

    2023-03-15

    What is it & List of Top defi 2.0 Projects

    2023-03-13

    Centralized (CEX) vs Decentralized (DEX) Cryptocurrency Exchanges

    2023-03-06
  • Market Cap
CryptoNewsMetaverse
Home»Near Project’s Octopus Network lays off 40% of its staff amid crypto winter

Near Project’s Octopus Network lays off 40% of its staff amid crypto winter

2022-12-27No Comments2 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

Octopus Network, a decentralized app chain network natively built on NEAR Protocol, has announced that it will be “refactoring” to adapt to current market conditions. 

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.

According to Louis Liu, the founder of the Octopus Network, although he has lived through previous crypto winters, “this winter is very different from the others.” Liu said he anticipates that this current “crypto winter will last at least another year, perhaps much longer,” adding that “most Web3 startups will not survive.”

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.

Related: Crypto layoffs trigger mixed responses from the community

In recent months, many companies have had to lay off staff and make difficult decisions to ensure their survival. In December, the cryptocurrency exchange Bybit announced a second round of layoffs in an attempt to survive the bear market. Prior to this, Bybit’s employee headcount had grown from a few hundred to over 2,000 in two years.

In the same month, an Australian crypto exchange called Swyftx also cut 35% of its staff in preparation for what it called a “worst-case scenario.” Swyftx laid off a total of 90 staff members. Alex Harper, the company’s CEO, shared that despite not having any exposure to FTX, the company was “not immune” to the fallout from FTX’s collapse. 

More rounds of layoffs could potentially hit the crypto workforce if current market conditions continue to decline.

Source link

Crypto Lays Network Octopus Projects staff Winter
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Belgium to introduce new crypto ad regulation

2023-03-21

Taiwan orders financial watchdog to take over crypto regulations

2023-03-20

Cardano Creator Charles Hoskinson Slams Politicians for Blaming US Banking Crisis on Crypto

2023-03-20

Over 20 crypto firms plan to establish presence in the city: Hong Kong authorities

2023-03-20
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Grassroots initiatives are bringing Bitcoin education to communities across America

2022-04-11

Big midterm gains threaten Wall Street’s hope of a split government

2022-11-15

How ETHBTC Could Hint At A Return Of Risk Appetite

2022-07-20

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, NFT, Metaverse and more.

We're social. Connect with us:

Facebook Instagram YouTube TikTok
Top Insights

Belgium to introduce new crypto ad regulation

2023-03-21

Exploring the Metaverse: A Guide to Investing in Metaverse Stocks

2023-03-20

Taiwan orders financial watchdog to take over crypto regulations

2023-03-20
Get Informed

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
© 2023 Cryptonewsmetaverse.com. Designed by ProdigitalX.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$28,226.000.36%
  • ethereumEthereum(ETH)$1,820.992.47%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.010.32%
  • binancecoinBNB(BNB)$338.64-0.08%
  • usd-coinUSD Coin(USDC)$1.000.26%
  • rippleXRP(XRP)$0.42597211.18%
  • cardanoCardano(ADA)$0.3545293.55%
  • Lido Staked EtherLido Staked Ether(STETH)$1,822.792.40%
  • matic-networkPolygon(MATIC)$1.160.98%