Increasing Blockchain Dev Salaries May Come From Demand, Not Higher Crypto Activities
According to a recent survey published by Janco Associates blockchain developers have encountered a salary increase for their work and services rendered to companies and technology firms. As the blockchain industry grows and there are more companies in the space, the demand for blockchain developers increased.
In the last six months, the annual pay for these developers increased by more than $4,000. As mentioned before, companies are investing more funds into blockchain technology which is increasing the demand for workers. The median annual salary for a blockchain developer is $132,000 and experienced workers earning more than $176,000 a year. According to Victor Janulaitis, the CEO of Janco, salaries are growing across different companies for blockchain roles.
Although this doesn’t mean that there is an increased developer activity in the ecosystem.
Thomas Bertani, a CEO at a Swiss blockchain startup had talked about this issue, He said:
“The reasons are: 1) highly skilled blockchain-experienced devs are very hard to find, and 2) Switzerland is well known to be one of the most expensive countries on earth.”
Many developers do not want to take the risk of entering a space with high risk. Many blockchain companies have not been doing too well recently. Popular crypto exchange ShapeShift seems to be the latest victim. They have laid off 37 of their team members which are about a third of their workforce.
Andreessen Horowitz general partner Andrew Chen had said:
“Entry level software engineers in the bay area are getting paid! This looks right if you count cash and equity comp. I’m seeing replies on the Bay Area’s cost of living. Yes, it’s higher. But there’s also a trajectory what you learn (and earn!). If you’re good and keep moving up, then the earnings 5 years in or 10 years in are even higher. Those opportunities don’t exist in smaller tech cities.”