Thousand-word analysis of the crypto compensation report: Huh? Do these people really make that much?

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Author｜jk

In the crypto industry, compensation has always been a frequently discussed topic, yet one of the hardest to draw reliable conclusions about. Whether it’s founders establishing internal salary frameworks or candidates evaluating whether an offer is reasonable, the reality often lacks data support. Industry discussions often rely on scattered cases, anonymous sharing, or emotional judgments rather than a universal compensation structure.

Against this backdrop, top crypto venture capital firm Dragonfly released its first annual crypto industry compensation report in 2023, summarizing a broad survey to provide a universal set of crypto salary data. Two months ago, Dragonfly published the 2025 version. This report collected feedback from 85 crypto companies and, for the first time, expanded the scope beyond Dragonfly’s portfolio to include companies, making the data more representative of the industry cross-section.

Data collection covers late 2024 to Q1 2025, introducing approximately 3,400 deduplicated data points at employee and candidate levels. While the data isn’t the most recent, salaries are less volatile than crypto prices. The report details salary data for each function, level, and region, moving beyond simple “average” or “rough ranges.” Compared to the 2023 report, this study not only answers “How much does the crypto industry pay?” but also begins to reveal “How is the money distributed, and how do certainty and risk flow within organizations?”

Let’s explore the highlights worth noting. Whether you’re a fresh graduate gearing up to enter Web3 or a mid-level manager assessing the crypto industry, this report should offer valuable insights.

All salary units in this article are in USD/USDT. Salaries are all cash payments, excluding token rights/equity.

1. Overall Market Summary

TL;DR: Here are Dragonfly’s top ten takeaways from the report.

• Most crypto companies are in growth mode, not hyper-expansion.
• Crypto recruitment has been global from the start; nearly no companies recruit only within the US.
• Europe has become the main international recruitment hub.
• Salaries and token compensation across nearly all levels and regions have declined.
• Remote work remains dominant, with no plans to change this.
• Entry-level roles are less than 10% of positions, reflecting high barriers to entry.
• Engineering remains core; product roles typically start at senior levels; design roles favor individual contributors over management.
• US salary levels set the global benchmark for engineering management.
• Overall, crypto compensation in 2024–2025 shows a clear trend: a market in downward adjustment but gradually stabilizing. Despite strong mainstream crypto assets and positive macro signals from US policy, hiring and pay have contracted across the board.
• The industry’s globalization deepens: almost no teams are solely US-based; cross-region collaboration is the norm. Europe has risen significantly, becoming a key international hub, especially for engineering and product functions.
• Remote work is a long-term trend; most companies show no plans to revert to office-based work, shifting the logic of “location determines pay.” Compensation increasingly reflects individual influence, scarcity, and responsibility rather than geography.
• Entry-level roles face the biggest impact, with significant salary and token declines, sometimes compensated with higher equity. US entry-level roles still favor cash, but international counterparts often receive 2–3x more equity and higher token rewards.
• Mid-level roles are generally squeezed; growth potential is limited. Senior roles are more resilient, with smaller pay cuts, more stable equity, and tokens concentrated at the top. The most notable salary increases are among senior individual contributors and executives, creating a “bell-shaped” structure, especially in product and engineering.
• Engineering remains the industry’s core, but other functions show clearer tiering, with high-level talent and execution roles receiving most rewards, while mid- and junior-level positions face compression. Product roles demand senior experience from the start; design favors high-level individual contributors over management, with senior designers often earning more than design managers and even some executives.
• From YoY comparisons, founders (owners) are increasing their own salaries annually. Larger funding rounds correlate with higher founder pay and lower equity holdings. US founders generally earn more in salary, equity, and tokens than their international peers.
• Overall, salaries and token grants for nearly all levels have declined. US roles still lead in cash compensation, but international teams narrow the gap through higher equity and token allocations.

2. Deep Dive into Six Key Roles

2.1 Software Engineer: The Industry Backbone

As the technical backbone of crypto, software engineers have consistently top-tier salaries.

US Market:

Data shows a clear career progression path:

• Entry-level: $89k–$138k, avg ~$113k
• Mid-level: $123k–$172k, avg ~$147k
• Senior/Principal (7–8 years): $172k–$222k, avg ~$197k
• Executive/Director: $208k–$264k, avg ~$236k

From entry to executive, salaries nearly triple.

The jump from mid to senior (3–5 to 7–8 years) is most significant, with over 40% increase, indicating companies pay premiums for engineers capable of solving complex problems.

International Market:

Salaries are lower but still attractive:

• Entry-level: $63k–$109k (~RMB 40–70万), quite substantial in lower-cost regions like Eastern Europe or Southeast Asia.
• Senior/Executive: $200k–$253k, approaching US levels. Remote work and global talent competition are narrowing regional gaps. Skilled engineers can choose where to work more freely.

Clearly, mastering English is crucial for engineers.

2.2 Crypto Engineer (Smart Contract Engineer): Specialized Rewards

Crypto engineers, especially smart contract developers, show unique salary patterns.

US Market:

• Entry-level: $64k–$108k, lower than traditional software engineers, likely due to the need to build domain-specific knowledge (e.g., consensus mechanisms, Solidity).
• Mid-level: $119k–$169k, with an 85% increase, highlighting rapid value growth once core crypto skills are mastered.
• Senior: $155k–$205k, strong growth continues.
• Management (Manager): $145k–$200k, slightly below technical tracks, reflecting industry preference for deep technical expertise over management skills—those who understand zero-knowledge proofs or optimize Layer 2 solutions are rare.

International:

Mid-level crypto engineers earn $90k–$142k (~RMB 60–100万), often surpassing some senior traditional roles, due to global scarcity of blockchain and smart contract skills.

2.3 Product Managers: The Salary Dark Horse

In 2024/25, product managers (PMs) show explosive salary growth, especially at senior levels.

US:

• Executive PMs: $391k–$484k, far exceeding other roles, possibly an outlier but indicative of the complexity and value of Web3 products.
• Entry-level PM: $95k–$140k, second only to software engineers.
• Mid-level: $153k–$203k, surpassing technical roles, becoming the highest-paid at their level.

International:

• Executive PMs: $145k–$194k, more modest than US.
• Entry-level PMs: similar to smart contract engineers and software engineers, with remote work enabling a $75万 RMB salary comfortably.

2.4 Designers: Underestimated but Rising

Design roles have long been undervalued but are changing.

US:

• Entry-level: $53k–$103k, among the lowest, reflecting early industry focus on tech over UX.
• Senior: $139k–$182k, a sharp jump, recognizing the importance of experienced designers.
• Mid-level: $80k–$120k, slow growth (~30%), risking talent drain.

International:

• Salaries are more balanced, especially at mid-high levels, offering a fairer environment for designers.

2.5 Marketing: Steady Growth

Marketing’s role is increasingly vital, with stable salary increases.

US:

• Entry: $58k–$108k
• Mid: $90k–$139k (~55% growth)
• Senior: $127k–$176k
• Executive: $166k–$225k

International:

• More standardized, smaller differences across levels, reflecting steady growth.

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

BD roles are crucial for project success.

US:

• Entry: $50k–$100k
• Mid: $105k–$154k (doubling)
• Executive: $195k–$252k

International:

• Principal/Senior: $127k–$177k
• Manager: $136k–$189k, even surpassing US at some levels.

This reflects reliance on local business skills; those helping US projects in Asia or Asian projects in the West are highly valued.

3. What Can We Learn?

3.1 Entry-Level Talent

If you have technical skills, congratulations—you’re ahead. Entry-level salaries for software engineers, smart contract developers, and product managers can reach six figures in the US, which traditionally takes years to achieve.

But don’t focus only on starting pay. Opportunities for growth and learning matter more. Joining a team that accelerates your development is more valuable than a few extra thousand dollars upfront, because the jump from entry to mid-level is significant, and speed matters.

Though BD and marketing start lower, their growth curves are promising—BD can double salary from entry to mid-level. If you’re good at relationship-building and understanding business logic, BD is a great choice. The first couple of years may be tough, but reputation and network growth will exponentially increase your value.

3.2 Mid-Level Talent

Mid-level PMs surpass all other roles, not by chance. The market craves “tech + user” hybrid talent. If you’re an engineer questioning whether a feature is needed or if the product logic is flawed, transitioning to product might be wise.

For BD, mid-level is golden: with experience and connections, you can independently drive key partnerships. Know how to deal with stakeholders and understand ecosystem dynamics. Industry reputation is everything—attend events, share insights on Twitter, build a niche expertise. These investments pay off when seeking your next opportunity.

3.3 Regional Strategies

Where you work isn’t just about salary. US salaries are high, but cost of living is also high. Earning $150k in San Francisco might be less comfortable than €80k in Berlin. US work pressure is intense.

International markets often offer better work-life balance: flexible schedules, longer vacations, relaxed environments. If you value balance, consider international options.

Remote work is changing the game: many US companies now hire international remote staff, with adjusted salaries but still attractive packages.

An interesting arbitrage: earn international market salaries in low-cost regions like Eastern Europe or Southeast Asia by working remotely. Even if the pay is lower than US standards, your quality of life might be better.

Regional differences are shrinking, especially for senior engineers. Top-tier engineers can command good salaries anywhere; companies care more about problem-solving ability than location.

Conclusion

The 2025 crypto salary landscape shows a market full of opportunities but also challenges. Technical talent continues to command premiums, product managers are rising fast, and roles like BD and marketing have huge potential.

For job seekers, choosing the right role and growth path is more important than just high pay. The industry’s rapid evolution means today’s entry-level employees can become experts in a few years. The key is continuous learning, networking, and finding your unique value in this exciting space.

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

As crypto matures and evolves, we can expect more specialized roles, skill requirements, and a more global talent market. Those who adapt, learn, and grow will be best positioned in this digital future.