According to the founder of the multi-chain crypto network Octopus Network, Louis Liu, the long & harsh crypto winter is yet to remain daunting for another year, and that the jarring market environment will continue to hinder the value of cryptocurrencies.

Octopus Network has joined the chain of companies which have been forced to lay off much of their workforce as a result of dwindling demand and deteriorating investment capabilities. Octopus Network let go a whopping 40% of its core team and will reduce the wages of the remaining bunch amid the prolonged vicious conditions of the markets.

The chilling bearish winter of 2022 has pushed many companies in the world of crypto to cut costs in order to avoid bankruptcy. If market conditions continue to worsen, or will last much longer, it is expected that more firms will take the blow and face difficulties in their attempts to survive.

Sources:

https://cryptonews.com/news/crypto-winter-will-last-at-least-another-year-says-founder-of-crypto-firm-which-just-laid-off-40-of-its-workforce.htm

https://cointelegraph.com/news/near-project-s-octopus-network-lays-off-40-of-its-staff-amid-crypto-winter 

https://ihodl.com/topnews/2022-12-27/octopus-network-cuts-40-staff-survive-crypto-winter/