Original | Odaily Planet Daily (@OdailyChina)

Author｜jk

In the crypto industry, compensation is one of the most frequently mentioned yet hardest topics to draw reliable conclusions about. Whether it’s founders establishing internal pay frameworks or candidates assessing the reasonableness of an offer, the reality often lacks data support. Industry discussions frequently rely on scattered cases, anonymous shares, or emotional judgments rather than a universal compensation structure.

Against this backdrop, top venture capital firm Dragonfly released the first annual compensation report for the crypto industry in 2023, conducting extensive surveys to summarize a universal crypto compensation data set. Two months ago, Dragonfly released the 2025 version. This report collected feedback from 85 crypto companies and for the first time expanded the research scope beyond Dragonfly's portfolio, making the data closer to a true industry cross-section.

Data collection covers the end of 2024 to the first quarter of 2025, introducing approximately 3,400 deduplicated employee and candidate level data points for the first time. Although the data is not very recent, fortunately, salaries do not fluctuate as dramatically as cryptocurrency prices. The report shares detailed compensation data for every function, level, and region, no longer limited to “average positions” or “rough ranges.” Compared to the 2023 report, this study not only answers “how much does the crypto industry pay,” but also begins to present “how money is distributed, and how certainty and risk flow within organizations.”

Let’s take a look at the highlights worth referencing. Whether you are a fresh graduate eager to enter Web3 or a mid-level manager exploring the crypto industry, this report should provide you with plenty of data to draw from.

All compensation figures in this article are in USD/USDT, and all salaries are cash salaries, excluding token rights/equity.

I. Overall Market Summary

TL;DR: Here are the top ten summaries provided by Dragonfly.

• Most crypto companies are in growth mode rather than a rapid expansion phase.
• Crypto recruitment has been global from the start, with almost no teams hiring solely in the U.S.
• Europe has become the primary international recruitment hub.
• Salaries and token compensation have declined across almost all levels and regions.
• Remote work remains dominant, and companies do not plan to change this status.
• The entry barrier to the crypto industry is high, with entry-level positions accounting for less than 10%.
• Engineering roles remain core. Product roles typically start at senior levels, and design roles emphasize individual contributors rather than management.
• U.S. salary levels have become the global pricing standard for engineering management.

From an overall perspective, the crypto industry compensation from 2024 to 2025 shows a clear characteristic: it is a market in a downward adjustment phase, but gradually stabilizing. Although mainstream crypto asset prices remain strong, and the U.S. policy environment has released positive signals for the industry at certain stages, these macro changes have not quickly transmitted to recruitment and compensation. Companies remain cautious in hiring and pricing, leading to a comprehensive contraction in positions and salaries.

In terms of recruitment geography, the global characteristics of the crypto industry have further solidified. There are almost no teams hiring solely in the U.S.; cross-regional collaboration has been a default configuration from the start. Europe has significantly risen in this cycle, becoming one of the most important international recruitment centers, especially in engineering and product-related functions.

Remote work is a very clear long-term trend in this report. Most companies have not shown a clear plan to return to office-based work, which directly undermines the single logic of “location determines salary.” Salary differences now reflect more on an individual’s influence, scarcity, and boundaries of responsibility within the organization, rather than geographical location itself.

Entry-level positions have been hit the hardest, with significant declines in salaries and tokens, some compensated with a higher proportion of equity. Entry-level positions in the U.S. still hold an advantage in cash compensation, but international counterparts often receive 2-3 times the equity and higher token rewards. Mid-level positions are generally squeezed, with limited growth potential; senior positions perform relatively more robustly, with smaller salary reductions, more stable equity, and tokens increasingly concentrated at higher levels. The most notable salary increases are seen in senior individual contributors (Senior IC) and executive levels, forming a clear “barbell structure,” particularly prominent in product and engineering roles.

Engineering remains the core of the entire industry, but functions outside of engineering are showing more pronounced hierarchical differentiation, with returns concentrated on high-level talent and execution layers, while mid-level and junior positions face more significant compression pressure. Product roles have almost always required senior experience from the start, while design functions clearly favor high-level individual contributors over management paths. In design roles, the value of management is less than that of senior designers. Senior individual contributors in the U.S. exceed design managers in total compensation, and even some executives.

Finally, from a year-on-year perspective, founders are increasing the salaries they pay themselves every year. The larger the financing scale, the higher the founder's salary, while their equity ownership ratio decreases. U.S. founders generally have higher salaries, equity, and token compensation compared to their international counterparts.

Overall, salaries and token grants have declined across almost all levels. U.S. positions still lead in cash compensation, while international teams have narrowed the gap through higher proportions of equity and token allocations.

II. In-Depth Analysis of Six Key Positions

2.1 Software Engineer: The Industry Cornerstone

Software engineers, as the technical backbone of the crypto industry, have consistently maintained high salary levels.

U.S. Market Salary Progression:

Data shows that the career development path for software engineers is quite clear. Entry-level salaries range from $89k to $138k, averaging around $113k. At the mid-level, salaries increase to $123k-$172k, averaging about $147k. When promoted to Principal or Senior level, approximately 7-8 years into their careers, salaries see a significant jump to $172k-$222k, averaging around $197k.

Software Engineer Salaries

Upon reaching Executive or Director level, salaries can reach $208k-$264k, averaging around $236k. From entry to executive level, salaries grow nearly 3 times.

Notably, the jump from mid-level to senior engineer is the most significant, from 3-5 years of experience to 7-8 years in a Senior position, with a salary increase of over 40%. Companies are willing to pay a premium for engineers who can truly solve complex problems.

International Market:

Salaries for software engineers in the international market, while lower, still hold considerable appeal. Entry-level salaries range from $63k to $109k, roughly equivalent to 400,000 to 700,000 RMB, which is already a considerable income in many countries, especially in regions with lower living costs like Eastern Europe and Southeast Asia.

At the same time, salaries for higher-level positions are rapidly catching up to U.S. levels. Executive or Director level can reach $200k-$253k, nearing U.S. salaries for the same level. This means that with the rise of remote work and intensified global talent competition, regional disparities are gradually narrowing. For capable engineers, the choice of where to work has become more flexible.

It’s clear how important it is for engineers to master English.

2.2 Crypto Engineer: Specialized Returns

Crypto engineers, commonly referred to as smart contract engineers, represent a unique position in the industry, with their salaries displaying a distinct pattern.

U.S. Market:

In the U.S. market, the salary trajectory for crypto engineers reveals an interesting phenomenon. Entry-level salaries ($64k-$108k) are actually lower than those of traditional software engineers, possibly because newly entering crypto engineers need more time to accumulate domain-specific knowledge, such as a deep understanding of various consensus mechanisms and learning Solidity.

However, at the mid-level ($119k-$169k), the professional advantage begins to show, with a staggering salary increase of 85%. Continuing to the Senior level ($155k-$205k), salaries maintain strong growth. This steep growth curve highlights an important fact: once you master core crypto technologies, your value increases dramatically.

Smart Contract Engineer Salaries

Interestingly, salaries for crypto engineers at the management level (Manager: $145k-$200k) are slightly lower than those on the pure technical track. This may reflect a characteristic of the industry: deep technical expertise is more valued than management skills in this field, and talent that can truly understand and improve zero-knowledge proofs or optimize Layer 2 solutions is extremely scarce.

International Market:

In the international market, mid-level crypto engineers perform particularly well. Their salaries ($90k-$142k, 600,000 to 1,000,000 RMB) even exceed some traditional senior positions. The reason behind this phenomenon is simple: talent with specialized skills in blockchain and smart contracts is extremely scarce globally. Whether in Silicon Valley or Singapore, excellent Solidity developers are highly sought after by companies.

2.3 Product Manager: The Dark Horse of Salary Explosion

Product managers have shown astonishing salary growth in the 2024/25 period, especially at senior levels.

U.S. Market:

The most striking data point is undoubtedly the salaries of Executive-level product managers, which have reached an astonishing $391k-$484k, far exceeding all other positions. This figure even raises doubts about whether there was an error in the data. However, upon closer examination, this exceptionally high salary actually reflects several important insights.

First, the complexity of Web3 products far exceeds that of traditional internet products. Not only do you need to understand user needs, but you also have to deeply grasp technical details such as token economics, on-chain data, and cross-chain interactions. Secondly, PMs who can truly understand technology and translate it into user value are extremely scarce in the market. Finally, the commercial value that a successful crypto product can bring is enormous; a successful DeFi protocol or NFT platform can have transaction volumes in the billions of dollars.

In other words, if you are determined to walk this path, there are significant opportunities.

For product managers who are just entering or are in mid-career, entry-level PM salaries ($95k-$140k) are second only to software engineers, and at the mid-level ($153k-$203k), PM salaries have surpassed all technical positions, making it the highest-paying role at that level.

But this is only the case in the U.S.

International Market:

Compared to the craziness of the U.S. market, PM salaries in the international market appear more rational and are significantly lower. Executive-level salaries range from $145k to $194k, which is not as exaggerated as in the U.S.; at the same time, entry-level PMs earn salaries similar to those of entry-level smart contract engineers and software engineers, and remote work allows those earning an average of 750,000 RMB to live comfortably.

2.4 Designer: Underestimated but Rising

Design roles have long been undervalued in the crypto industry, but data shows that the situation is changing.

U.S. Market:

The salary trajectory for designers tells an interesting story. Entry-level starting salaries ($53k-$103k) are among the lowest across all positions, which aligns well with the current state of the crypto industry: for a long time, crypto projects focused more on technical implementation and neglected user experience, leading to many early DApps having interfaces that were simply dreadful, even for projects that raised tens of millions in funding, with poor interactions and other experiences.

However, the situation is changing rapidly. When designers reach the Senior level ($139k-$182k), salaries see a significant jump. This leap indicates that the market has finally recognized the importance of an experienced designer with 7-8 years of experience who can lead a team for product success.

However, mid-level designers face the biggest challenges among all positions. Their salaries ($80k-$120k) grow slowly, with only about a 30% increase compared to entry-level. This "mid-career crisis" may lead talented designers to leave for other industries or transition to other functions.

International Market:

Interestingly, salaries for designers in the international market are relatively more balanced. Especially at mid to senior levels, the salary gap between designers and other functions is smaller. This provides designers with a fairer development environment. If you are a designer, consider opportunities in the international market when choosing a workplace.

2.5 Marketing: The Backbone of Steady Growth

Marketing plays an increasingly important role in the crypto industry, and salary data reflects this trend.

U.S. Market:

Salaries for marketing positions show a steady and balanced growth pattern. Entry-level salaries ($58k-$108k) provide a reasonable starting point, neither the highest nor the lowest. At the mid-level ($90k-$139k), salaries achieve a stable growth of about 55%. Senior-level salaries range from $127k to $176k, while executive-level salaries reach $166k to $225k. This means that when marketing professionals transition from executing marketing strategies to formulating them, their value increases significantly in the crypto industry, where the ability to understand complex technical concepts and translate them into engaging stories is highly valued.

Characteristics of the International Market:

Marketing positions in the international market exhibit a more standardized salary structure, with relatively small differences between levels, indicating a steady growth trend.

2.6 Business Development (BD/Go to Market): The Growth Engine

BD/GTM roles play a key role in the success of crypto projects, and salary data reflects this importance.

U.S. Market:

The salary story for BD positions may be the most inspiring. Entry-level salaries ($50k-$100k) are the lowest among all positions, but don’t be deterred by this number. Look at the mid-level data ($105k-$154k), where salaries have doubled! This means that after 3-5 years of work, salaries can double, which is the largest increase among all positions. At the executive level ($195k-$252k), the salaries of excellent BD leaders demonstrate their critical role in company growth.

Newly entering BD professionals may only be sending cold emails, attending meetings, and conducting preliminary market research. But once you build your network and understand how the ecosystem operates, your value will increase dramatically.

Consider this: an excellent BD can help a project connect with major exchanges, establish key partnerships, and open new markets. In the current market environment of "building in a bear market, reaping in a bull market," BD talent that can bring actual business growth is naturally highly valued. They need to understand the business, grasp token economics, know the characteristics of various public chains, and be familiar with the operational mechanisms of DeFi protocols. Such versatile talent is in high demand everywhere.

International Market:

An interesting phenomenon in the international market is that salaries for BD positions at the Principal/Senior level ($127k-$177k) perform particularly well, with Manager-level salaries ($136k-$189k) even exceeding those in the U.S. at the same level.

The reason behind this is not hard to understand: the international market relies more on localized business development capabilities. If you can help U.S. projects land in Asia or assist Asian projects in entering European and American markets, your value is immense.

It can be seen that U.S. positions lead in cash compensation and total compensation across almost all levels.

2.7 Founder Salaries: How Much Do Bosses Pay Themselves?

We can observe a very interesting phenomenon: founder salaries show a clear positive correlation with the company's financing stage, but this growth is not linear, and the U.S. and international markets exhibit completely different patterns.

U.S. Market:

In the U.S. market, founder salaries show a stepwise increase as financing rounds progress. Starting from $181k (median $195k) in the Seed round, it slightly rises to $198k in Series A, with this stage's growth being relatively moderate. The real leap occurs in Series B, where average salaries soar to $276k (median $298k), an increase of over 40%.

This jump point is interesting. Series B is typically when a company begins to scale, having validated product-market fit and matured its business model. At this point, founders transition from "entrepreneurs" to "CEOs," needing to manage larger teams and handle more complex business operations. The significant salary increase reflects this role change and increased responsibilities.

By Series C and D, salaries continue to stabilize in the range of $275k-$300k. The salary in Series C ($275k) is even slightly lower than in Series B, while Series D rebounds to $300k.

International Market:

Data from the international market presents a completely different picture. In the early stages (Seed to Series A), founder salaries are relatively reasonable, increasing from $138k-$140k (Seed) to $210k-$244k (Series A). However, by Series B, the data shows only $16k, which may be due to a small sample size or some founders in certain regions choosing extremely low salaries to keep the company operational.

Even more surprising is the Series E data: founder salaries in the international market reach $300k, comparable to U.S. Series D levels. This may reflect a trend: companies that can raise Series E in the international market are typically unicorns or near-unicorns in their respective regions, and their founder salaries naturally align with international standards.

Salaries for founders of publicly listed companies ($144k) are relatively low because, after going public, their primary source of wealth shifts to equity/token value rather than cash compensation.

III. Where Are Employees Working?

Dragonfly's data shows that Western Europe is the primary international recruitment hub.

Regional recruitment changes typically occur when companies enter the Series B and later stages. As companies mature and the demand for local operational capabilities increases, teams begin to expand into regions such as Asia, Canada, and Eastern Europe.

At the same time, this may reflect a significant difference between this data report and the Asian crypto projects we usually see that benchmark against domestic salary standards; among these thousands of data points, the vast majority of salaries are likely offered at European levels, leading to a rise in overall compensation.

However, it’s hard to know without looking; these people are indeed living quite well!

Dragonfly's official summary tells us:

Among companies in the Series B to Series E stages, 84% hire employees in Western Europe; this proportion remains similar for companies with financing exceeding $40M.

In later-stage companies, 63% are recruiting in Eastern Europe, primarily benefiting from the strong supply of engineers and relatively cost-effective talent.

The layout in Asia has nearly doubled year-on-year, increasing from 20% to 41%, to accommodate stronger user adoption and market demand. Thus, the number of employees in Asia is not actually mainstream.

Among companies in the Series B to Series E stages, 38% have expanded into Canada, leveraging its geographical proximity to the U.S., relatively friendly regulatory environment, and mature developer ecosystem as a risk-hedging option.

In the Series B to Series D stages, only 13% of companies have expanded into South America.

Relatively rare exception regions include: India (9%), Africa (4%), and Oceania (2%).

### What Can We Learn?

3.1 Entry-Level Talent

If you have a technical background, congratulations, you are already ahead of the game. Software engineers, smart contract engineers, and product managers have the highest starting salaries, even at the entry level, reaching six figures in the U.S. market. In traditional industries, it may take several years of experience to achieve this.

But here’s a piece of advice: don’t just focus on the starting salary. More importantly, consider the learning opportunities and growth potential. Choosing a team that allows you to grow quickly is more valuable than earning an extra $10,000 or $20,000 in starting salary, as the salary jump from entry-level to mid-level is significant; the key is how quickly you can make that transition.

Although BD and Marketing have lower starting salaries, don’t be discouraged. Look at their growth curves, especially for BD, where salaries can double from entry-level to mid-level. If you are someone who excels at building relationships and understanding business logic, BD could be an excellent choice. The first couple of years may be tough with lower salaries, but once you establish a reputation and network in the field, your value will grow exponentially.

3.2 Mid-Level Talent

Mid-level PM salaries surpass all other positions, and this is not a coincidence. The market is frantically searching for those who are "tech-savvy and user-oriented" hybrid talents. If you are an engineer but find yourself constantly thinking, "Do users really need this feature?" or "This product logic has issues," then transitioning to product management might be a good choice.

For BD, the mid-level stage is a golden period. At this stage, you have accumulated enough experience and connections to start independently driving important collaborations. You know how to deal with different stakeholders and understand the operational rules of the ecosystem. In the crypto industry, industry reputation is everything. Participate in industry events, share your insights on Twitter, and build your professional image in specific areas. These investments will yield significant returns when you seek your next opportunity.

3.3 Regional Strategy

Choosing where to work is not just about salary. The U.S. market does offer high salaries, but don’t forget about the cost of living. Earning $150,000 in San Francisco may not be as comfortable as earning €80,000 in Berlin. Moreover, competition in the U.S. market is exceptionally fierce, and work pressure is often higher.

The international market offers a better balance of quality of life. Many European crypto companies provide more flexible work arrangements, longer vacations, and a relatively relaxed work atmosphere. If you value work-life balance, the international market may be more suitable for you.

Most importantly, remote work is changing the game. More and more U.S. companies are willing to hire international remote employees; although salaries may be adjusted, they remain attractive.

Here’s an interesting arbitrage opportunity: obtain international market salaries while living in low-cost areas. For example, you could live in Eastern Europe or Southeast Asia and work remotely for a company paying "international market" salaries. Even if the salary is below U.S. standards, your quality of life may actually be higher.

The regional salary differences for certain positions are rapidly narrowing, especially for senior engineers. If you are a Senior-level engineer, you can likely command a decent salary no matter where you are. Companies care more about whether you can solve problems than where you sit while coding.

Conclusion

The salary data for the crypto industry in 2025 showcases a market full of opportunities but also challenges. Technical talent continues to enjoy a premium, product managers are rising, and growth roles like BD and marketing show immense potential.

For job seekers, choosing the right position and development path is more important than simply pursuing high salaries. The rapid development of the industry means that today’s entry-level employees could become domain experts in just a few years. The key is to keep learning, build your network, and find your unique value in this exciting industry.

For companies, establishing a fair and competitive compensation system is just the first step. The real challenge lies in creating an environment that attracts, nurtures, and retains top talent. In an industry where talent defines success, investing in human capital will yield the highest returns.

As the crypto industry continues to mature and evolve, we can expect to see more specialized positions, more professional skill requirements, and a more global talent market. Those individuals and organizations that can adapt to these changes, continue learning, and grow will occupy the most advantageous positions in this digital future.

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