Blockchain Engineer Salaries in Asia Drop by More Than 5%
Salaries for blockchain engineers went down in 2023 due to tough times in the industry, like layoffs and companies not hiring as much.
A recent NodeFlair report found that countries prioritizing startups and big tech experienced larger drops in blockchain engineer salaries. This highlights the impact of the overall economic and business climate on compensation levels in this field.
In Singapore, blockchain engineer salaries decreased by 5.4% year-over-year, the report showed. On average, junior engineers received 6,750 SGD, while senior engineers earned about 10,000 SGD. Similarly, blockchain engineer salaries in India experienced a decline of nearly 6%.
“In contrast to the preceding two years, during which technology salaries experienced substantial growth, there is now an overall decrease in salaries for various tech positions,” the firm wrote. However, the report acknowledged that compensation levels remain elevated compared to those seen in 2021.
The observed decline in salaries stems from a confluence of factors. Workforce reductions, hiring freezes triggered by regulatory actions against major crypto exchanges Coinbase and Binance, and FTX’s collapse last year significantly impacted compensation levels.
Other factors include a decline in enthusiasm surrounding the metaverse and a period of prolonged crypto market decline. A general slowdown in hiring within the tech sector followed a period of pandemic-driven expansion, contributing to this trend. Further, venture capital funding scarcity in Southeast Asia exacerbated these challenges.
In one example, Chinese Bitcoin mining machine manufacturer Bitmain was forced to delay salary payments due to cash flow challenges.
Software engineer salaries also fell at the same time,
