Home » Demand for talent in crypto less dependent on market as industry matures

Demand for talent in crypto less dependent on market as industry matures

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With the all-time highs of the last two years of bull market gone, it looks like a new market. bear market Only competent individuals with strong convictions can find the motivation to devote themselves to Web3, Blockchain and Crypto full-time.

During the booming period of the rising crypto market, many curious professionals with an interest in disruptive technologies came up with the idea of ​​working for a startup in this space.

of Demand for Talent Usually Outstrips Supplyits longevity is uncertain as only a limited number of people have the necessary experience to navigate this fast-paced industry and are willing to embark on new projects.

The bull market will bring talent into the field and educate new people on what can be achieved using this disruptive technology. Bear markets test the beliefs of the strongest minds and reward those who persevere well. As the industry is expected to grow over time, more talent will be needed to drive innovation.

Raman Charpau, founder of Crypto Jobs List, a Web3, blockchain and crypto jobs platform, told Cointelegraph:

“I wouldn’t be surprised if the bear market atmosphere continues into 2023. Absent another major collapse or regulatory surprise, full-time productivity is likely to enter a plateau. Opportunities in the industry: Clearer business models and more investor funding are driving many land acquisition opportunities, all of which require human capital.”

With the crypto market continuing to cool from all-time highs and projects tightening their budgets until the next bull market, finding a full-time job in a bear market doesn’t look as enticing as it does in a bull market. A scenario that may not be easy.

Current Crypto Job Market Situation

Bearish sentiment in the market can be measured by the amount of ongoing hiring. according to Data from the Crypto Jobs List shows that the number of job listings and talent interested in this space has dropped by about 30% to 40% compared to the feverish hiring at the peak of the last bull market in February 2022. I’m here.

“Hiring and demand for talent have stabilized over the last few months. After the hiring freeze and layoffs in May and June, more companies are pouring capital into hiring key positions. I see them doing that,” Shalupau commented. “Thanks to some headcount reductions, we have more talent with industry experience.”

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Demand is affected by negative price action. The plethora of people currently looking for work can be a plus in innovative areas like Web3. This surplus of supply allows new projects to hire qualified talent that would otherwise end up in larger organizations.

With young projects still understanding business models and less experienced talent learning industry requirements and best practices, it is reasonable to assume that price fluctuations and volatility will be reflected in job listing numbers.

“A plunge of 10% or more is usually immediately followed by a period of uncertainty and caution that most companies exercise,” Scharpau explained. Of course, this depends on the nature of your business and how your company manages its finances. This is because many projects allocate funds asymmetrically between fiat currencies, stablecoins, and volatile assets like Ether (ethereum) and Bitcoin (Bitcoin) or high-risk yield farms in decentralized finance (DeFi).

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The uncertainty associated with price fluctuations affects the willingness of professionals to invest time and effort in projects. Such dynamics at work cast doubt on many experts who believe that a falling market is a bad time to enter the industry. The most likely to affect the trying professional. Sharpau said:

“For those who are still unsure about full-time success in cryptocurrency, the price drop and subsequent fear reconfirms their doubts. Counter-intuitive, but the reality is quite the opposite. , is the perfect time to start working in crypto and find a job.”

Lessons learned from the previous cycle

At the top of each bull market, projects tend to seek out specific technical talent to add to their teams, with high-level management positions such as Chief Technology Officers being the most in demand.

From 2016 to 2018, the project had to hire a Solidity developer just to propose an Initial Coin Offering (ICO). Then, in 2021-2022, there was a race to hire smart contract engineers to develop non-fungible token projects.

Crypto salaries advertised in the crypto industry.Source: Crypto Jobs list

As the demand for jobs in cryptocurrencies increased, salaries began to rise accordingly. “But I think the main driver is the amount of VCs in this space chasing a limited talent pool,” he explains Shalupau.

“The project is aimed at people with a strong technical background and a desire to learn cryptography, not people with strong previous technical experience.”

Tech jobs such as engineering smart contract programming languages ​​like Solidity and Rust have seen the most growth, but the responsibilities for these types of work have changed little. However, considering the number of new integrations most projects have to do these days, the amount of work may have increased.

Projects building DeFi products like cryptocurrency wallets, interchain bridges, analytics tools, or decentralized exchanges require engineering teams to provide multi-chain support for their products. When building a product, every piece of the puzzle has its own nuances and often requires a discrete approach.

Future cycles repeat and improve

The cyclical hiring patterns experienced during the transition period between the end of the 2018 bull market and the following year tend to resemble the current employment landscape experienced in 2022 and what is expected in the years to come. .

In every cycle that space experiences, The Crypto Job Market Is Slowly Consolidating Stable demand for talent, independent of price action in the market.

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“With more projects raising in USDC, Equity and Token Warrants, market volatility has not affected hiring plans as much as it did between 2016 and 2019 when most of the funding was in ICOs and ETH. hmm,” said Shalupau, adding:

“A bear market will wipe out all short-term opportunistic companies, leaving room for cash-rich and serious companies to keep hiring and building.”

Established projects can maintain employment during market downturns. With the right funding, you can build new teams and tap into different skill sets to drive growth.