Blockchain Industry Salary Big Survey! Pantera Report: Most Positions Offer Better Compensation than Web2

The cryptocurrency investment company Pantera Capital conducted a survey on overall salaries in the blockchain industry, revealing that nearly 90% of employees work remotely, engineers are better compensated than in Web2, and most companies pay salaries in fiat currency. In contrast, previous data indicated that Web3 developers are slowly leaving the industry.

Pantera: Web3 Industry Generally Offers Higher Salaries than Web2

According to reports, the survey collected data from 1,600 industry respondents and yielded many interesting findings.

Nearly 90% Work Remotely

The report indicates that as many as 87.8% of employees work remotely, with less than 2% required to work in the office.

North American Engineers Receive Higher Compensation than Other Countries

In terms of salary, the average salary for 570 surveyed engineers is $110,000. Engineers based in North America stand out with an average salary of around $193,000, a figure that significantly increases with experience.

In comparison, the salary for engineers in traditional tech or Web2 fields in North America is around $166,000.

Legal Professionals Receive High Salaries

In addition to engineers, legal professionals such as legal advisors and compliance officers receive significantly higher salaries compared to other departments like product development or marketing.

Data shows that salaries in the legal department are around $212,000; product development department around $170,000; and marketing department approximately $120,000, increasing with the company's stage.

Executive Salaries

Furthermore, the average annual salary for founders and C-level executives of companies in the United States ranges from $147,000 to $335,000, depending on the company's stage.

Employee Salaries Mostly Paid in Fiat Currency

It is worth noting that even in the cryptocurrency field, as many as 97% of companies prefer to pay employees in fiat currency, with only 3% opting for cryptocurrency payments.

Among them, they mostly use the US dollar stablecoin for payments, with USDC accounting for the majority, while only 13% choose Bitcoin as a payment method.

Web3 Developers Facing Attrition

However, research conducted by venture capital firms Electric Capital and K33 Research in July indicated that many crypto workers are employed in exchanges and related financial services, while developers within the industry are experiencing attrition.

It is reported that active developers have decreased by 22% over the past year, with many new developers contributing less than 2% of the total workforce shifting to the currently booming AI field.

Bernstein: 2024 a Critical Year for Cryptocurrency ETFs

Cryptocurrency ETFs to Legitimize Industry

Another report takes an optimistic view, with analysts at the German asset management company Bernstein claiming that assets managed by cryptocurrency funds are expected to rise to $650 billion in the next five years, from the current $50 billion, accounting for about 4% of the cryptocurrency market.

Their prediction is based on the expectation that the U.S. will launch physically-backed Bitcoin ETFs, bringing in significant capital to the market and transitioning part of the crypto industry into a formal and regulated asset management industry:

The financial adoption of crypto technologies will follow trends and cycles. We expect rapid growth, with 2024 being an important year for ETF approvals as a regulatory milestone.

Demand Driven by Asset Management Companies

The report also mentions that demand for cryptocurrency ETFs is expected to be driven by "investment advisors" and "private wealth management companies" who are more easily accessible to businesses in the sector.

Additionally, the market share of Bitcoin and Ether ETFs is expected to reach 10%, while the share of crypto hedge funds will reach 5% to 6%.