Original Author: Zackary Skelly (Head of Talent, Dragonfly)
Translation: Zen, PANews
The well-known crypto VC Dragonfly Capital analyzes the cryptocurrency recruitment market every quarter, providing insights on job trends, job seeker attitudes, portfolio company activities, and forecasts for its portfolio companies.
Recruitment Market Trends
In 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 cryptocurrency industry began to gradually recover in 2023, with a surge in the first quarter of 2024, but stagnated entering the second quarter.
Quarterly Job Changes
In the second quarter of 2024, engineering and design positions remained relatively stable, GTM (GoToMarket) positions surged, and data science positions also saw considerable growth. Marketing positions shifted towards leadership roles.
Year-on-Year Comparison
Comparing the second quarter of 2023 with the second quarter of 2024, GTM positions saw significant growth, especially in finance, operations, legal, and customer support sectors.
Engineering positions became more specialized, with high demand for Rust language skills, while DevRel (Developer Relations) and Protocol Eng (Protocol Engineer) remained in high demand. Design positions, however, experienced a significant decline.
Job Seeker Interests
In the second quarter of 2024, there was an increase in DeFi job seekers, while those focused on infrastructure remained in place, seeking product-market fit. Many held a skeptical curiosity about the combination of AI and cryptocurrency—exciting, but with uncertain use cases, seeming overly advanced.
Additionally, zero-knowledge proofs (ZK) remained a highly regarded technology type among senior software engineers (Sr SWE).
Evolution of Priorities and Increased Scrutiny
Job seekers are looking for project teams that have a reliable roadmap post-TGE rather than just shouting "To The Moon," and 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 personal skills or have unclear job descriptions.
Burnout Among Crypto Professionals and Openness to Web2
An increasing number of crypto-native job seekers are willing to consider Web2 job opportunities while seeking positions in the cryptocurrency industry. Conversely, exchange-traded funds (ETFs) and favorable U.S. policies for cryptocurrency are attracting more talent from traditional finance and Web2 sectors.
Office Models and Salary Expectations
Remote and hybrid work remain the preferred options, but more companies are beginning to discuss the need for physical office spaces. In terms of salary expectations, job seekers maintain high standards and are mostly unwilling to compromise.
Portfolio Recruitment Trends
Several of Dragonfly's portfolio companies increased their recruitment efforts in the second quarter, showing increased interest in niche, product-focused engineering positions (such as front-end development).
GTM recruitment has grown in the Asia-Pacific region, while engineering positions are expanding in Europe, the Middle East, and Africa (EMEA). Additionally, recruitment momentum among Layer 1 projects (Alt L1s) is strengthening.
Recruitment Market Forecast
Recruitment is associated with the U.S. election cycle. The evolving pro-crypto stance of Trump and the changing attitude of Harris have sparked discussions that may drive GTM recruitment. Dragonfly expects this trend to continue, and as use cases solidify, job seekers' sentiments towards the combination of AI and cryptocurrency will shift towards excitement.
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