Written by: Zackary Skelly (Head of Talent, Dragonfly)
Compiled by: Zen, PANews
The well-known crypto VC Dragonfly Capital analyzes the crypto industry recruitment market each quarter, providing insights on job trends, job seekers' perspectives, portfolio company activities, and forecasts for its portfolio companies.
Recruitment market trends
When analyzing the market, Dragonfly monitors multiple signals, but 'new positions in portfolio companies' best reflects the overall sentiment in the industry. In short, the talent recruitment market in the crypto industry gradually began to recover from 2023, with a surge in Q1 2024, but stagnated entering Q2.
Quarterly job changes
In Q2 2024, engineering and design positions remained relatively stable, GTM (GoToMarket) positions surged, and data science positions also saw considerable growth. Marketing positions are shifting towards leadership roles.
Year-on-year comparison
Comparing Q2 2023 to Q2 2024, there is a significant increase in GTM positions, especially in finance, operations, legal, and customer support.
Engineering positions are becoming more specialized, with high demand for Rust language skills, while DevRel (Developer Relations) and Protocol Eng (Protocol Engineer) remain in high demand. Design positions have seen a significant decline.
Job seeker interest
In Q2 2024, there are more DeFi job seekers in the market, while those focused on infrastructure development are staying put, looking for product-market fit. Many harbor a curious skepticism about the combination of AI and crypto—exciting but uncertain use cases seem overly ambitious.
Additionally, zero-knowledge proofs (ZK) remain a highly sought-after technology type among senior software engineers (Sr SWE).
Evolution of priorities, increased scrutiny
Job seekers are looking for project teams that have a reliable roadmap even after the TGE, rather than just shouting 'ToTheMoon.' They tend to prefer companies with strong ecosystems and well-known brands. Few job seekers are willing to consider positions that do not match their skills or have unclear job descriptions.
Burnout among crypto practitioners and the openness of Web2
An increasing number of crypto-native job seekers are open to considering Web2 job opportunities while seeking positions in the crypto industry. Conversely, exchange-traded funds (ETFs) and U.S. policies favorable to crypto are attracting more talent from traditional finance and Web2 sectors.
Work model and salary conditions
Remote and hybrid work remains the preferred choice, but more companies are beginning to discuss arranging physical offices. In terms of salary expectations, job seekers' standards remain high, and most are unwilling to compromise.
Portfolio recruitment trends
Several portfolio companies of Dragonfly have intensified hiring in the second quarter, showing increased interest in niche, product-focused engineering positions such as front-end development.
GTM hiring has increased in the Asia-Pacific region, while engineering positions are expanding in Europe, the Middle East, and Africa (EMEA). Furthermore, the hiring momentum among Layer 1 projects (Alt L1s) is strengthening.
Recruitment market forecast
Hiring is correlated with the U.S. election cycle. The gradual evolution of Trump's pro-crypto stance and Harris's attitude has sparked heated discussions, potentially driving GTM recruitment. Dragonfly expects this trend to continue, and as use cases solidify, job seekers' sentiments regarding the combination of AI and crypto will likely shift towards excitement.
