Cryptocurrency Industry Recruitment Research Report: Increase in DeFi Job Seekers, Growth of Market Positions in the Asia-Pacific Region

Author: Zackary Skelly

Compiled by: Zen, PANews

The well-known crypto VC Dragonfly Capital analyzes the hiring market in the crypto industry every quarter, providing insights on job trends, candidate perceptions, portfolio company activities, and forecasts for its portfolio companies.

Hiring Market Trends

In analyzing the market, Dragonfly monitors multiple signals, but "new positions in portfolio companies" best reflects the overall sentiment in the industry. In short, the talent recruitment market in the crypto industry began to gradually recover in 2023, with a surge in the first quarter of 2024, but stagnated entering the second quarter.

Quarterly Job Changes

In the second quarter of 2024, engineering and design positions remained relatively stable, GTM (Go-To-Market) positions surged, and data science positions also saw considerable growth. Meanwhile, marketing positions shifted towards leadership roles.

Year-on-Year Comparison

Comparing the second quarter of 2023 with the second quarter of 2024, GTM positions saw significant growth, especially in finance, operations, legal, and customer support sectors.

Engineering positions became more specialized, with high demand for Rust language skills, and DevRel (Developer Relations) and Protocol Eng (Protocol Engineers) remained in high demand. Design positions, however, experienced a significant decline.

Job Seeker Interests

In the second quarter of 2024, there were more DeFi job seekers in the market, while those focused on infrastructure remained in place, seeking product-market fit. Many held a skeptical curiosity about the combination of AI and crypto—exciting, but with uncertain use cases, seeming overly ambitious.

Additionally, zero-knowledge proofs (ZK) remained a highly sought-after technology among senior software engineers (Sr SWE).

Evolution of Priorities and Increased Scrutiny

Job seekers are looking for project teams that have a reliable roadmap post-TGE rather than just shouting "To The Moon," and they tend to prefer companies with strong ecosystems and well-known brands. Few job seekers are willing to consider positions that do not match their skills or have unclear job descriptions.

Burnout Among Crypto Professionals and Openness to Web2

An increasing number of crypto-native job seekers are willing to consider Web2 job opportunities while seeking positions in the crypto industry. Conversely, exchange-traded funds (ETFs) and favorable U.S. policies for crypto are attracting more talent from traditional finance and Web2 sectors.

Work Models and Salary Expectations

Remote and hybrid work remain the preferred options, but more companies are beginning to discuss the arrangement of physical offices. In terms of salary expectations, job seekers maintain high standards and are mostly unwilling to compromise.

Portfolio Recruitment Trends

Several of Dragonfly's portfolio companies increased their hiring efforts in the second quarter, showing increased interest in niche, product-centric engineering positions (such as front-end development).

GTM hiring has grown in the Asia-Pacific region, while engineering positions are expanding in Europe, the Middle East, and Africa (EMEA). Additionally, hiring momentum among Layer 1 projects (Alt L1s) is strengthening.

Hiring Market Forecast

Hiring is associated with the U.S. election cycle. The gradual evolution of Trump's pro-crypto stance and Harris's attitude has sparked discussion, potentially driving GTM hiring. Dragonfly expects this trend to continue, and as use cases solidify, job seekers' sentiments about the combination of AI and crypto will likely shift towards excitement.