Octopus Network Cut Off 40% Of The Core Team

Key Points:

• Octopus community can’t afford to onboard a batch of appchains in terms of IT infrastructure and community mindshare.
• About 40% of members will Leave the core team, the remaining team members accept a 20% salary cut, and the team token incentive is suspended indefinitely.

On December 26, Louis Liu, the founder of Octopus Network, a Near ecological multi-chain network, published a blog post saying that the core team of Octopus Network will launch a voluntary resignation plan to achieve restructuring.

The Octopus Network core team will be refactoring as we adjust our project plan to meet market demands. They have been through three seasons till this year 2022, the prior two were in 2014-2015 and 2018-2019. However, Louis Liu wrote that this year is extremely different from the others.

Octopus Network was designed to support Web3 applications which takes a big chunk of resources to support an appchain in terms of IT infrastructure and community mindshare, but the Octopus community can’t afford to onboard a batch of appchains only to lose most of them in one year, according to the statement.

Octopus Network was moving forward with the Voluntary Separation Program, in which about 40% of members (12 out of 30) will Leave the core team through the program. The remaining team members accept a 20% salary cut, and the team token incentive is suspended indefinitely.

Louis Liu said that the plan aims to allow Octopus Network to survive the encryption winter. Next year, the team will use Near and IBC as the strategic cornerstone of key construction.

The Octopus team has been working on IBC for over two years. The firm expects that NEAR Protocol will be the best L1 blockchain to host Web3 applications due to its unparalleled usability and scalability. Besides, the firm believes Octopus 2.0 will facilitate NEAR’s position as an inherent part of the blockchain Internet by widely connecting various appchains (Substrate or Cosmos SDK based) and all IBC-enabled blockchains.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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