There is a wage gap in the Web3 industry
We report on the results of Pantera Capital’s cross-sectional survey on salaries in the blockchain industry. With 502 respondents from the general population, the survey is the largest of its kind to date. Our analysis found that the gender pay gap for crypto industry employees is the opposite of the general pattern—women in our sample earn more than men.
methodology
This study adopted a two-stage research design to address potential issues with multiple hypothesis testing and p-hacking. Initial observations from the previous year's survey were considered a pilot study and informed the current study.
Pilot study (previous year)
The gender pay gap was observed in exploratory data analysis of the previous survey, but was not reported as a finding due to the risk of false positives arising from multiple comparisons. This approach is consistent with best practices for avoiding Type I errors and publication bias. Based on the pilot data, we conducted an a priori power analysis to determine the sample size required to detect the hypothesized effects in this year's survey. These results are presented here.
Confirmatory analysis:
The current study served as a confirmatory test. This approach allows for more reliable p-value interpretation because it is not affected by multiple comparisons or post hoc assumptions.
By employing this two-stage approach, we avoid the need for multiple comparison corrections, such as the Bonferroni method, which is appropriate in a single study testing multiple hypotheses simultaneously. Rather, our approach is consistent with the concept of “out-of-sample validation” in predictive modeling, enhancing the robustness of our findings.
This methodological framework enhances the validity of our results and provides a model for rigorous hypothesis testing in exploratory fields such as cryptocurrency industry research.
Survey methods and results
Data collection took place from June 4 to July 20, 2024, through a web-based questionnaire distributed via professional networks (LinkedIn), social media platforms (X), newsletters and emails. The sample consisted of 502 U.S. respondents who self-identified as male or female. Only full-time employees were included in the analysis.
An analysis of median base salaries shows that women in cryptocurrency companies earn 14.67% more than men. Women's median base salary is $172,000 compared to $150,000 for men, with women earning the equivalent of $1.15 for every dollar men earn.
This difference is statistically significant (Mann-Whitney U test, p < 0.05) and goes against the general labor market trend, in which women generally earn less than men. By regression analysis, we also observed a mean difference in favor of females (p < 0.05).
The results challenge the gender wage gap narrative, with women typically earning just $0.84 for every dollar men earn at non-crypto companies.
further analysis
Examining occupational groups more closely, producers and directors in the entertainment industry are the only other areas where women earn more than men. While pay is close to equal in other advanced degree occupations, the reality is that even in Web2 technology industries, men still earn significantly more than women.
This reverse wage gap may be partly attributable to differences in experience levels between the genders. Women in the crypto industry tend to be more experienced, typically in mid- to senior-level positions with more than five years of experience in their current role. In contrast, more men occupy entry-level positions as they transition into the crypto industry.
This “reverse” wage gap may indicate that the crypto industry offers better opportunities for women than traditional fields.
It needs to be recognized that women may still face barriers and difficulties in this industry. However, the relatively fair pay in the crypto industry shows that gender equality is moving in a greater direction, marking a progressive trend in this emerging field.
This article is reproduced in cooperation with: Shenchao
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