Salaries for blockchain engineers went down in 2023 due to tough times in the industry, like layoffs and companies not hiring as much.
A recent NodeFlair report found that countries prioritizing startups and big tech experienced larger drops in blockchain engineer salaries. This highlights the impact of the overall economic and business climate on compensation levels in this field.
In Singapore, blockchain engineer salaries decreased by 5.4% year-over-year, the report showed. On average, junior engineers received 6,750 SGD, while senior engineers earned about 10,000 SGD. Similarly, blockchain engineer salaries in India experienced a decline of nearly 6%.
“In contrast to the preceding two years, during which technology salaries experienced substantial growth, there is now an overall decrease in salaries for various tech positions,” the firm wrote. However, the report acknowledged that compensation levels remain elevated compared to those seen in 2021.
Multifaceted Downturn Behind Blockchain Salaries Squeeze
The observed decline in salaries stems from a confluence of factors. Workforce reductions, hiring freezes triggered by regulatory actions against major crypto exchanges Coinbase and Binance, and FTX’s collapse last year significantly impacted compensation levels.
Other factors include a decline in enthusiasm surrounding the metaverse and a period of prolonged crypto market decline. A general slowdown in hiring within the tech sector followed a period of pandemic-driven expansion, contributing to this trend. Further, venture capital funding scarcity in Southeast Asia exacerbated these challenges.
In one example, Chinese Bitcoin mining machine manufacturer Bitmain was forced to delay salary payments due to cash flow challenges.
AI & Data Science Skills In High Demand
Software engineer salaries also fell at the same time, though the decline was less pronounced than that observed for blockchain engineers.
According to NodeFlair, a key trend for the coming year is the sustained rise in demand for expertise in artificial intelligence and data science. The need for professionals skilled in machine learning, natural language processing, and data analysis is anticipated to experience significant growth.
Software engineers with a strong foundation in these areas will likely be highly sought-after. Companies will most likely strive to integrate AI technologies into their core functionalities.
US Crypto Salaries Shine Brighter
A comparative survey conducted in March revealed a trend of US-based crypto companies offering higher salaries across various job roles and experience levels when compared to their international counterparts. The survey indicated that US crypto salaries surpass those offered abroad by an average of 13%, with equity and token-based compensation packages being 30% more generous in the US.
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