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.
While announcing the core team refactoring for Octopus 2.0, Louis Liu, the founder of Octopus Network, stated “The current winter is the third winter I’ve experienced, the first two being 2014–2015 and 2018–2019 — and I see that this winter is very different from the others.”
Octopus Network offers a full suite of app chain infrastructure on demand and although app chains offer exceptional customizability, cheap consumption charges, and fast performance, their operational expenses are higher than those of a smart contract on a shared L1 blockchain.
Liu remarked the Octopus community can’t afford to onboard a batch of app chains just to lose most of them in a year, therefore it chose to change the Octopus strategy because it takes a significant amount of resources to support an app chain in terms of IT infrastructure and community mindshare.
The Voluntary Separation Program for Octopus Network is underway, and about 40% of the team (12 out of 30) will exit through the program. The team token incentive will be permanently discontinued, and the remaining team members will accept a 20% pay cut.
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 team thinks that by broadly integrating different app chains 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.
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.”
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