Octopus Network, a multichain network built on NEAR Protocol, will lay off 40% of staff and will cut 20% salary among the remaining employees as the project wants to survive the crypto winter, its founder, Louis Liu, wrote in a blog post.
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Liu expressed an opinion that the crypto winter is likely to last at least another year or even "much longer." He went on:
"Most Web3 startups will not survive. I wouldn’t recommend that ordinary people launch a Web3 startup in the coming year unless they receive support from large institutional investors."
Liu added that because of the project's operational structure change, there will be "some modifications to core team roles during the transition."
Layoffs in the crypto market are nothing new amid the ongoing crisis. In early December, Asian crypto broker Amber Group also reorganized its business by laying off between over 500 employees to weather the crisis. Amber has also scraped its sponsorship of Chelsea FC, which would cost it $25 million a year.
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