Octopus Network Cut Off 40% of the Core Team

Octopus Network Cut Off 40% of the Core Team

Altcoin news, News

Near protocol’s Octopus Network announced that it is refactoring to adopt a refined project plan in order to adjust to current market conditions and that it will be slashing off 40% of the Core Team in the process.

The founder of Octopus Network, Louis Liu, said “The present winter is the third winter I’ve seen, the first two being 2014-2015 and 2018-2019 — and I notice that this winter is extremely different from the others” while announcing the core team restructuring for Octopus 2.0.

Although app chains provide outstanding customizability, low consumption charges, and quick performance, Octopus Network delivers a complete suite of app chain infrastructure on demand, and despite this, their operating costs are higher than those of a smart contract on a common L1 blockchain.

The Octopus community, according to Liu, cannot afford to onboard a number of app chains just to have them abandon ship for the most part within a year. For this reason, the community has decided to alter its approach to the Octopus platform.

The Octopus Network Voluntary Separation Program is now in effect, and around 40% of the team (12 out of 30) will leave via it. The remaining team members will consent to a 20% wage decrease, and the team token incentive will be permanently ended.

The Octopus crew has been concentrating on IBC for more than two years. The business believes that NEAR Protocol would be the best L1 blockchain to host Web3 applications due to its unrivaled usability and scalability.

Additionally, the team believes that Octopus 2.0 will help NEAR cement its place as an integral part of the blockchain Internet by widely connecting various app chains built on Substrate or Cosmos SDK and all IBC-enabled blockchains.

Liu concluded the announcement by saying “If you have questions about Octopus 2.0 and the core team refactoring, you are welcome to join the next community call on January 8th. I will answer all the questions from the community.”

Compiled by Coinbold

blockchain, Cosmos, NEAR, Web3