Overseas Web3 Employment Report Remote Work in High Demand, US as the Main Job Market

Web3 Employment Report High Demand for Remote Work, US Main Job Market

Author: Franklin

Translation: Felix, LianGuaiNews

On the first Friday of each month, the US Department of Labor releases the employment report for the previous month, focusing on wage data from various sources reported by companies. However, Web3 currently lacks in-depth analysis of the employment market within the industry. In this report, we will focus on the latest employment market trends in the United States and then examine what is happening in Web3 in detail.

Highlights of the US Employment Market

Over the past 12 months, there has been constant speculation about the Federal Reserve raising interest rates and whether it will affect inflation, employment, and other economic indicators. After several quarters of rate hikes, the market has been waiting to see if the rate hikes have achieved the expected effect of slowing economic growth. Overall, the report for August was positive.

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A soft landing means avoiding a full recession or a period of economic activity slowing down after a period of rapid growth. The report shows:

• Modest wage growth
• Added 187,000 jobs
• More people entering the labor market, which helps balance the supply and demand of job vacancies
• Unemployment rate remains low at 3.8%

Web3 Employment Market

Although the Web3 industry is part of the aforementioned statistics, Web3 is unique and deserves further analysis. The following analyzes the types of positions offered by Web3 companies, job locations, salaries, and the types of companies hiring.

Positions

The report collected hundreds of vacant positions from multiple job search websites to determine the most urgently needed skill combinations. The details are as follows:

Software Engineers (160 positions posted)

• Required technical skills: Solidity and Rust
• Cross-platform development: Companies are looking for software engineers who can build applications that seamlessly connect multiple decentralized platforms, enabling interoperability in the Web3 ecosystem.
• Scalability and performance optimization: Web3 projects prioritize scalability and performance enhancements, increasing the demand for software engineers with experience in optimizing decentralized systems to cope with the growing user activity.

Product Managers (78 positions posted)

• DeFi and dApp innovation: Focus on advancing decentralized finance (DeFi) protocols, dApps, and other Web3 applications to enhance user experience and drive industry innovation.
• Interdisciplinary: Product managers in Web3 often require a diverse set of skills, including blockchain technology knowledge, user-centered design, market analysis, and understanding of regulatory factors to navigate the evolving decentralized environment.
• Strategic partnerships and integrations: Hiring business development managers to work in tandem with product managers can indicate a focus on establishing strategic partnerships and integration opportunities with other Web3 projects to expand the product’s coverage and utility.

Business Development (61 positions posted)

• Driving Adoption and Growth: The demand for Business Development Managers highlights the industry’s emphasis on exploring new markets, building industry relationships, and identifying growth opportunities to drive the adoption and expansion of Web3 platforms and protocols.
• Familiarity with Regulatory Environment: Business Development Managers in Web3 may be responsible for staying informed about the latest developments in regulations and formulating partnership relationships and business strategies that comply with the ever-changing legal and compliance requirements of decentralized technologies.
• Building Ecosystem Collaboration: The significant number of job postings indicates a growing focus on promoting collaboration between different Web3 projects, interoperability solutions, and cross-chain initiatives to create a more interconnected and cohesive decentralized ecosystem.

Work Locations

Among the analyzed job postings, at least 93% of the positions offer remote work as an option to some extent. So far, fully remote work is the most popular choice for companies.

While many tech and financial services companies are striving to bring employees back to the office, the opposite trend can be observed in Web3. Companies choose to hire globally, attracting top talent with competitive salaries.

Based on publicly available data, the United States is the primary job market after remote work. Despite the current uncertainty in cryptocurrency regulation, the importance of the United States in the industry can still be seen. The UK and Canada follow closely in terms of recruitment volume.

Compensation

Salary varies depending on the job requirements. Blockchain developers have a slightly higher average annual salary of $136,000, while Solidity developers have an average annual salary of $125,000.

What types of companies make up the Web3 industry?

Early-stage companies dominate the hiring market, with seed-stage/pre-seed companies advertising the most vacancies for their positions. Despite a slight decline in venture capital in mid-2023, early-stage companies still have a significant number of open positions.

Considering the trend of freelance “contributors” rather than formal employees and contractors, the formal vacancies in DAOs (Decentralized Autonomous Organizations) may be underestimated.

Disclaimer

This data is sourced solely from multiple cryptocurrency job boards and may not represent a comprehensive overview of employment opportunities in the blockchain, cryptocurrency, and Bitcoin industries. There is potential geographical bias as these websites may be more popular in certain countries/regions.

The data does not reflect positions after July 2023 or outside of the listed websites. The salary is only listed in public cases and should not be considered as factual sources. The limitations of keyword restrictions, subjectivity in job categorization, and exclusions due to external factors such as economic changes or regulations also contribute to the limitations of the data.

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