3 months ago 1 min read

40% of Core Team From Octopus Network Were Fired


Key Ideas:

  • The IT infrastructure and community mindshare required to onboard a large number of appchains are beyond the means of the Octopus community.
  • The core team will lose about 40% of its members, the remaining team members will take a 20% pay cut, and the team token incentive will be discontinued permanently.

The core team of Octopus Network, a Near ecological multi-chain network, will initiate a voluntary departure plan to achieve reorganization, according to a blog post written by Louis Liu on December 26.

The main team of Octopus Network will be refactoring as we modify our project schedule to accommodate market demands. Up till current year 2022, they have had three seasons; the previous two were in 2014–2015 and 2018–2019. Louis Liu, however, noted that this year is very dissimilar from the others.

According to the statement, Octopus Network was created to support Web3 apps, which require a significant amount of IT infrastructure and community support. However, the Octopus community cannot afford to enroll a large number of appchains only to lose the majority of them within a year.

The Voluntary Separation Program, in which around 40% of members (12 out of 30) will leave the core team under the program, was being carried out by Octopus Network. The team token incentive is permanently halted, and the remaining team members agree to take a 20% pay cut.

According to Louis Liu, the goal of the strategy is to help Octopus Network survive the winter of encryption. The team will use Near and IBC as the foundation for important construction the following year.

IBC has been a focus of the Octopus team for more than two years. Due to its unmatched usability and scalability, the company anticipates that NEAR Protocol will be the finest L1 blockchain to host Web3 apps. Additionally, the company thinks that by broadly integrating different appchains (based on Substrate or Cosmos SDK) and all IBC-enabled blockchains, Octopus 2.0 would facilitate NEAR's position as an intrinsic component of the blockchain Internet.

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