Executive Summary
The Story So Far
Why This Matters
Who Thinks What?
Cryptocurrency salaries and token incentives have seen a significant decline across nearly all roles and regions in 2024 and early 2025, according to a new report from venture capital firm Dragonfly. This downturn comes despite Bitcoin’s record-breaking rally, as crypto companies prioritize cost discipline and normalize compensation after years of rapid expansion.
Compensation Trends
The 2024/2025 Crypto Compensation Report, which analyzed data from 85 companies and over 3,000 roles, characterized the current market as “down” for crypto compensation. Researchers at Dragonfly noted that industry practices still felt relatively immature compared to traditional finance sectors, signaling a maturation period for an industry previously known for explosive growth and outsized rewards.
Impact on Roles and Seniority
Average total compensation decreased across most seniority levels, with entry-level positions experiencing the steepest cuts and mid-level roles seeing flat growth. The report highlighted that the only meaningful increases were observed at the executive level, creating what Dragonfly described as a “barbell effect” particularly evident in product and engineering roles, concentrating gains at the top.
Engineering roles constituted roughly two-thirds of the total headcount, while non-technical positions in design, product, and marketing were comparatively limited.
Hiring Dynamics
The report indicates a slowdown in hiring, with roles taking an average of 3.8 weeks and four interview rounds to fill. Approximately 68% of offers were accepted, with most rejections attributed to compensation considerations.
Geographical Shifts and Remote Work
Western Europe continues to be a dominant hub in the crypto labor market, driven by its concentration of venture funding, regulatory clarity, and established institutional infrastructure. Meanwhile, Asia’s share of hiring nearly doubled year-over-year, growing from about 20% to over 40% of surveyed companies.
The U.S. leads in cash pay, whereas international teams tend to offer more equity and token incentives. The industry largely remains remote-first, with over 54% of firms operating fully remotely and only 2% fully in-office.
Key Takeaways
The findings underscore a significant shift in the crypto industry towards greater financial prudence and structural maturity. Despite a robust market performance by leading cryptocurrencies, firms are recalibrating compensation strategies, focusing on sustainability over aggressive expansion, and adapting to evolving global labor dynamics.
