Proof of Search Q2 2024 Job Market Overview

As the second quarter of 2024 unfolds, the Web3 job market is showing a significant increase, which has seen a tripling of available positions worldwide since January 2024. This surge has led to a scenario where candidates find themselves in a fortuitous position of receiving multiple offers, consequently driving an observable acceleration in hiring processes across the industry.

In the same way, we will see a demand squeeze and supply squeeze converge in the Spot BTC market, Proof of Search predicts a similar phenomenon in the Web3 jobs market in 2024. Of particular significance is the heightened activity in recruitment observed within Crypto market makers. This trend serves as a significant indicator of future growth within the blockchain sector, mirroring the broader expansion of the Web3 ecosystem. As the industry undergoes rebirth with a range of new innovations and use cases, demand for expertise in specialized domains such as blockchain development, decentralized finance (DeFi), and non-fungible tokens (NFTs) has surged to unprecedented levels.

Acceleration of Hiring Processes is being driven by heightened competition as the available pool of unemployed candidates that companies could tap into in 2023 has almost completely disappeared. Companies, in a bid to secure talent swiftly and gain a competitive edge, have streamlined their hiring processes significantly as Candidate “FOMO” has started to emerge.

Specific Areas of Demand in Q2 2024 include the following:

• The explosion of specialist Layer one and Layer two solutions has resulted in a marked uptick in demand for professionals skilled in smart contract development, decentralized application (DApp) creation, and blockchain protocol architecture, with skills in Rust, React, Next.js, and Solidity.
• The ever-evolving DeFi sector continues to drive demand for individuals with expertise in areas such as decentralized exchanges (DEXs), yield farming, and cross-chain liquidity experience.
• The return of the NFT market has led to increased demand for professionals well-versed in digital asset tokenization, intellectual property rights, and RWA Tokenization.
• There has also been a resurgence in demand for growth and community roles for startups as VCs have returned to the Web3 space with a vengeance demanding user growth in 2024.
• Finally, with the deployment expectations for 2024, there has been a spike in demand for developer relations candidates with a strong mix of coding and communication skills.

Proof of Search’s Recommendations:

Employers will need to adopt agile hiring strategies with reasonable testing requirements but insist on reference checks and evidence of prior compensation.

Candidates must be selective to ensure the companies they are interviewing with are properly funded and the long-term incentives are documented. Also, be open to a lower salary for a supportive environment where you will grow as a candidate – the rewards will come in time.

Happy Hiring!