Many successful cryptocurrency enterprises have had to downsize their employment in order to survive and continue expanding while we wait for the next coin surge. The most recently affected company was the Octopus Network, a decentralized app chain network built on the NEAR Protocol, which indicated that it would be “refactoring” to comply with the present market condition.
Octopus Network claimed in a Medium post by the project’s founder on December 26 that as part of its reorganization process, it will let go of over 40% of its core personnel, or 12 out of 30 workers. The remaining employees will also get a 20% wage cut, and the team token incentive will be phased out indefinitely.
Aside from the collapse of several crypto empires in 2022, the crypto winter has also resulted in the closure of countless crypto enterprises and the layoff of numerous people. If the crypto cold continues, the crypto workers may face additional rounds of layoffs.
All of these difficulties contributed to the development of the Industry Recovery Initiative by the CZ-led Binance crypto platform, which aims to assist struggling crypto companies in the middle of the current market upheaval.
Since the initiative’s inception, additional industry heavyweights and prominent businesses have donated to it alongside Binance, and hundreds of enterprises have applied to benefit from it, as previously reported.