By Michael Scott
The next Gen multichain platform Octopus Network disclosed its refactoring process would include 40% layoffs and 20% pay cuts. The octopus team behind the refactoring project proclaimed that refactoring efforts would enable the firm to adapt to the bumpy crypto winter.
Crypto Winter Shambles Octopus Operations
The December 26 blog post submitted by Louis Liu, the founder of the Octopus Network, decries that the current crypto winter will diminish the survival of most Web3 startups. Liu expressed his faint hope for the 2022 crypto winter, arguing that the recent winter is unlike the last two winters he has experienced.
Liu went ahead and argued that not only does the crypto winter affect Web3 operations, but it also exposes the capital markets to slow growth. Notably, most capital markets have integrated cryptocurrency into daily operations; Liu observed that the crypto winter might stay longer.
Unprecedented Refactoring of Octopus Core Team
Octopus Network provides a complete package of app chain infrastructure at the least usage cost and offers unique customization to uphold Web3 activities. A few years ago Octopus IBC project team demonstrated an unwavering commitment to expanding the IBC platform to a non-substrate SDK blockchain.
Despite the dedication made by the Octopus team, the current crypto winter signals some sad goodbyes from core team players. The report conveyed by Liu demonstrates that to survive the crypto winter, Octopus must review its strategy and structure a voluntary separation program. Surprisingly, the program to be launched will involve pay cuts, layoffs, and suspension of team token compensation.
Additionally, Liu remains skeptical about the current crypto market turbulence and opts to condense the Octopus operation. Liu proclaimed that the firm had invested heavily in the NEAR and IBC project, and losing the investment could expose Octopus to huge losses.
What was the Octopus Community Reaction to Refactoring Process?
The text to survive the bearish market exposed Octopus to a mixed reaction from the investors, developers, and the existing workforce. Liu acknowledged that the Octopus team refactoring plan and disruption of Octopus 2.0 development was a difficult decision to make.
Liu went further and urged the Octopus community to ask any questions concerning the changes made by Octopus on the upcoming community engagement program scheduled on January 8 next year.
Also, Liu revealed his plans to discuss the Octopus 2.0 project with the community in the Q1 2023 program.