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Due to the bad market conditions that have begun to affect the firm, Octopus Network, which is deployed on the Near blockchain, has laid off some of its staff, with the retained staff receiving a 20% pay cut.

Founder Expresses FUD And Hopelessness

Louis Liu, the founder of Octopus Network, has recently expressed his dissatisfaction with the cryptocurrency market as a result of recent events.

In the event that this crash occurred, he has moved to lay off some working staff and employers in the company, as the company has also begun to face the heat of the meltdown.

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It was announced that all remaining staff and employees would have their salaries cut by 20%. In addition, the company’s planned incentive from its token launch will be postponed.

Octopus Network is a network built on the Near protocol that includes utilities such as appchain management and employs the Near Protocol proof of stake consensus mechanism to enable faster and more seamless transactions in seconds and at a lower cost.

Liu has also expressed pessimism about the crypto space in the aftermath of these events, believing that nothing good will emerge. He predicts that this bearish season will last for a long time, possibly more than a year.

He also expressed his pessimistic views, claiming that most startups in this space will not be able to withstand the heat.

Plans For 2023 Amid Crypto Winter

Despite this attitude, the company has plans in place to manage and reduce the cost of activities during this time period, as well as to expand in 2023.

This is a move to help its appchain operation reach a larger audience and perform more creative functions, such as using frameworks such as Substrate.

The network has also created a protocol which is open source and aids in the seamless transfer of data between two blockchains.

This development became possible following the network’s Series A donation, which began in 2021 and raised more than $4 million from creditors.

Initially, this protocol’s development was intended to provide over fifteen different initiatives for this apochain project.

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Richard Hines

By Richard Hines

Richard Hines is a respected news writer and analyst with a knack for uncovering the key elements of a story. His articles are insightful, informative, and thought-provoking, providing readers with a nuanced understanding of complex issues.