DeFi developers receive huge salaries during turbulent times.
People working in decentralized finance (DeFi) have not only weathered the storm but also pocketed hefty salaries during turbulent times.
The crypto industry, including the DeFi sector, has sent investors on a roller coaster ride throughout 2022. The failure of stablecoins like TerraUSD and Luna and the collapse of FTX took its toll. huge came to the market last year. As a result, periods of “crypto winter,” when the value of cryptocurrencies drops dramatically, have become an accepted phenomenon.
Despite these challenges, those working in the DeFi sector seem set apart from the rest of the market. Data released by Durlston Partners on July 3 shows that professionals in the DeFi market are still earning six-figure salaries – a testament to the resilience and potential of the DeFi sector.
Throughout 2021 and 2022, salaries in the DeFi sector have been fairly stable, with engineers in the field earning an average of £100,000 ($126,695) to £125,000 ($158,369) per quarter.
Even with the crypto market in for a bit of a meltdown by the end of 2022 — including a number of major corporate bankruptcies — Durlston noted that the average salary has risen to £142,500 ($180,541).
The team gathered this data by researching job opportunities in the global blockchain industry, surveying companies and investors, along with interviewing industry experts.
Meraj Bahram, managing partner at Durlston Partners said:
“As the crypto market recovers and companies regain stability, engineers will become increasingly scarce and in demand. We expect the remainder of 2023 to see steady wage growth, building on momentum in the final quarter of 2022.”
When comparing salaries between the DeFi industry and Web2 companies, the difference at the entry-level is negligible. In the early stages of a career, salaries in both fields tend to be relatively similar.
Defi Jobs with great benefits
According to DeFi Jobs, there are many such open roles in the industry. One is a senior engineer position for the quantum trading platform at OKX, with a salary of up to $ 247,000.
Another opportunity is available for an infrastructure engineer at the Layer-2 blockchain OAK Network, offering a salary of up to $250,000.
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