Crypto Jobs Report: Cautious Hiring and Declining Compensation in 2024

Crypto Market Overview

• 📉 Bitcoin and other major cryptocurrencies experienced a downturn, falling alongside the S&P 500 and Nasdaq.
• 🇦🇺 Crypto exchange Gemini is expanding its operations into Australia, noting that 22% of Australian residents own digital assets.
• 🏦 City Ventures is investing in the stablecoin infrastructure company BVNK, signaling increased presence of big U.S. banks in the crypto space.

Dragonfly's Crypto Compensation Report Findings

• 📊 The report, based on data from 85 crypto companies collected in late 2023 and Q1 2024, indicates a 'down market' for crypto compensation in 2024 and early 2025.
• 🔑 A key finding is that crypto roles are difficult to enter, with less than 10% of roles being entry-level.
• 📉 Both salary and token compensation have seen a decline across most levels and regions.

Factors Influencing Crypto Hiring and Compensation

• 🌍 Despite overall positive sentiment and strong fundamentals in crypto, hiring has been cautious due to broader macroeconomic factors and administrative shifts.
• ⚖️ Regulatory advancements in the U.S., including the passage of the Genius Act for stablecoins, are expected to influence the job market, though compensation trends often lag job market shifts.
• 📈 Recent data suggests a recovery in the second half of 2024, with a notable spike in hiring starting in August.

Global Shifts in Crypto Talent

• 🇪🇺 Western Europe has emerged as the dominant international hub for crypto hiring, with Eastern Europe and Asia also showing significant growth.
• 🌏 Asia saw hiring double year-over-year, indicating a substantial shift in global talent distribution.
• 🇺🇸 For the first time, international engineering executives have outearned their US counterparts, attributed to efforts to stay competitive in a global talent market.

Compensation Benchmarks

• 💰 The average salary for all roles surveyed was $144,000 per year, an 18% drop from the previous year.
• 🚀 When including equity and tokens, the total compensation averaged $263,000 per year, with significant upside potential in token-based projects.