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Jayendra Jog, co-founder of Sei Labs, the company behind the popular cryptocurrency SEI, has criticized the talent of developers in the crypto industry.
According to Jog, the top talent in the industry typically doesn’t remain as employees but instead moves on to become founders.
Sei Co-Founder Slams ‘Most Crypto Devs’
While founders’ pay is uncapped and exponentially dependent on the project’s success, the average pay in the crypto industry is still considerable and shouldn’t be dismissed. However Jog believes that the average developer in the crypto industry is nothing special:
“Most crypto devs are pretty mid tbh. many top-tier crypto devs become founders, so devs that are actively looking for a job with several years of blockchain experience often aren’t great.’
BeInCrypto recently reported data indicating that crypto compliance staff earn an average annual salary of $103,000.
Read more: 11 Best Altcoin Exchanges for Crypto Trading in January 2024
Although Jog expresses less than optimistic views about developers in the crypto industry, developers remain the most in-demand professionals across the entire information technology (IT) industry.
Statista’s data shows that in 2023, back-end developers and full-stack developers were the most sought-after workers in the IT industry.
Crypto Jobs In Recent Times
However, it is not always safe to have a job in an emerging tech industry.
Despite the recent positive regulatory news at the start of this year regarding the approval of 11 spot Bitcoin exchange-traded funds (ETF) by the United States Securities and Exchange Commission (SEC), several waves of layoffs have already occurred this year.
However, new start-ups and more optimised structures in the organization, can lead to major layoffs.
Read more: Top 12 Crypto Companies to Watch in 2024
On February 1, BeInCrypto reported that Polygon Labs announced layoffs of 60 team members, approx. 19% of its workforce, to increase operational efficiency.
Meanwhile, on January 11, NEAR Foundation announced a 40% workforce reduction, affecting marketing, business development, and community teams.
On the flip side, Blockchain.com plans to expand its workforce by 25% in Q1 2024, focusing on Europe and emerging markets.
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