Web3 Job Market Mid-Year Report: Post-ETF Approval Surge and Asia's Remote Work Dominance

Key Takeaways

• Bitcoin ETF approval triggers hiring boom: Global Web3 job postings surged by approximately 20% YoY in H1 2024 following SEC's approval of Bitcoin ETFs in January 2024.
• Asia narrows the gap with Europe: Singapore, India, and Hong Kong emerged as hotspots for Web3 recruitment activity.
• Remote work prevails: Location-independent roles now surpass North America’s job listings, reflecting Web3’s decentralized nature.

Introduction

Company hiring trends reveal:

1. Strategic execution
2. Sector-specific demand

This report analyzes global Web3 job postings in H1 2024, sourced from Web3Jobs, to gauge market vitality.

Global Web3 Hiring Trends in H1 2024

Post-ETF Approval Job Growth

After the SEC greenlit Bitcoin ETFs:

• Hiring surged among crypto ETF managers (e.g., Grayscale’s listings quadrupled).
• Exchanges maintained stable demand, with limited growth in Web3 project roles.

Market drivers:

• Speculative trading (e.g., memecoins) outpaced technological innovation.
• Current listings remain below 2021/2022 peaks due to cautious ecosystem expansion.

June Downturn: Seasonal or Systemic?

A sharp decline in June attributed to:

• Bearish market sentiment (Mt. Gox repayments, German BTC sales).
• Seasonal summer hiring pauses.

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Regional Breakdown

Top Regions by Hiring Volume (H1 2024)

1. Remote (27%)
2. North America (25%)
3. Asia (20%)
4. Europe (15%)
5. Middle East (8%)

Notable shifts:

• Asia’s lead over Europe widened.
• Remote roles dominate, underscoring Web3’s borderless ethos.

Asia’s Hotspots

1. Singapore: 23% growth from H2 2023, fueled by crypto-friendly regulations.
2. India: Rising demand for exchange and development roles.
3. Hong Kong: 40% decline post-SFC’s mainland service ban on license applicants.

Sector-Specific Trends

Crypto Exchanges

• 45.6% spike in listings, driven by Bitcoin’s price rally.
• Top employers: Coinbase (209 roles), OKX (steady growth), Binance (reduced activity post-regulatory challenges).

Layer 1 Blockchains

• Scroll.io and Immutable led Asian recruitment.
• Non-Asian networks (Ripple, Aptos, Avalanche) expanded regional teams.

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Emerging Trends

1. Story Protocol: 16 hires for IP tokenization blockchain; eyeing Korean market expansion.
2. Animoca Brands: 10x hiring increase for Mocaverse (NFTs) and Anichess (Web3 chess).

Conclusion

H1 2024 Insights:

• Job postings rebounded but lag behind 2021–2022 levels.
• Sustainability hinges on shifting from speculative trades (memecoins) to ecosystem-building innovations.

Outlook: Without technological breakthroughs in H2 2024, stagnation risks loom.

FAQ

Q: Which regions lead Web3 hiring?
A: Remote roles > North America > Asia > Europe. Singapore and India are top Asian hubs.

Q: How did Bitcoin ETFs impact jobs?
A: ETF managers like Grayscale saw 4x more listings; exchanges had modest growth.

Q: Why did Hong Kong’s Web3 jobs drop?
A: SFC’s mainland service ban led Binance, OKX, and HTX to withdraw license applications.

Q: What’s next for Web3 hiring?
A: Demand may rise for DeFi, gaming, and infrastructure roles if innovation accelerates.