Web3 Job Search Truth: The bull run has arrived, but jobs are gone.

Positions are shrinking like a funnel, yet job seekers are surging in like a tide. The cryptocurrency market seems flourishing, but the Web3 job market is in a deep winter. Positions are being cut, requirements are rising, and job seekers face multiple challenges regarding salary and skills. (Background: The first batch of post-00s Web3 workers has already started to “exit the circle.”) (Supplementary background: From ByteDance engineer to million-dollar crypto trader: the calm wealth code and trading philosophy.) Coin prices soar, but job opportunities freeze. When Bitcoin breaks through $110,000 and Ethereum hits a historic high, the community shouts, “The bull market is here!”; however, the recruitment market presents a different scene. “10,000 people squeeze into 28 positions,” the media headline may seem exaggerated, but it reflects the real situation of Web3 job hunting. Project parties are laying off employees, positions are drastically reduced, and job applications are filling inboxes. In the circle of friends, Web3 headhunter Nancy can’t help but lament: “This year’s hiring requirements are getting higher and higher, not only are they filtering by educational background and English proficiency, but they also require vertical project experience.” Behind the surface prosperity lies a contracting, picky, and cruel Web3 workplace. The bull market effect in the crypto market and the industry’s “breaking the circle” have drawn countless young people and Web2 job changers into the fray, but they quickly realize: there aren’t as many positions as they imagined, and salaries aren’t as high as they thought. Why is there a “bull market frenzy, yet a workplace winter”? When salary myths and survivor bias sweep newcomers into the scene, how many can truly stand firm in this seemingly lively but actually turbulent Web3 job market? Coin prices are skyrocketing, the employment winter of Web3’s recruitment market often serves as the most accurate barometer of the industry. Bitcoin breaks through $110,000, Ethereum reaches a new high, and the media is filled with the sounds of “the bull market is here,” but the truth in the job market is completely opposite. Antoniayly, founder of the Web3 recruitment community abetterweb3, clearly perceives this contrast: “The job market has deteriorated for a long time, the number of job seekers is constantly increasing, but the number of open positions is continuously decreasing.” In the past, abetterweb3 primarily released recruitment information, but now it has become more of a “job information wall.” For example, from August 22 to 27, there were only 14 new job postings, while job seeker information reached as many as 24 entries. The numbers behind this represent a cruel reality: project parties are undergoing massive “downsizing”; even Lido, a staking protocol standing at the forefront of Ethereum, has harshly laid off 15% of its staff, and the once-flourishing Metaverse leader Sandbox has cut 50% of its workforce. The primary market continues to be sluggish, and many once-prominent crypto VCs are either shutting down or choosing to lie flat. Without external VC funding, many projects that relied on financing are quietly shutting down or shifting to the AI track for survival. The job market is “overcrowded and under-resourced”: positions are shrinking like a funnel, yet job seekers are flooding in. Under severe supply-demand imbalance, project parties are becoming unprecedentedly picky when hiring. “Since last year, many clients have raised their requirements when hiring; in addition to needing a background from major internet companies, they also want recent experience at well-known Web3 projects or exchanges,” said James, founder of the Web3 headhunting company Talentverse. “There are also specific requirements for job content; if it involves smart contracts, tokenomics, or on-chain interactions, then relevant work experience is necessary.” However, even if candidates meet these hard requirements, it doesn’t guarantee passing the interview. “I’ve seen too many candidates with major company backgrounds who are technically strong, but their understanding of Web3 is superficial.” Yulia, focusing on the overseas market, shared a case, “A P8 from a large company came for an interview, and when asked ‘how to design a MEV-resistant DEX,’ he froze for a full 30 seconds.” Hard skills are merely the entry ticket; what hiring parties value are seemingly more “metaphysical” qualities. “Positive attitude, industry passion, strong curiosity, quick learning ability, self-drive, independent thinking ability, stress resistance…” James listed seven or eight requirements in one breath, “These may seem vague, but they are the underlying logic for filtering candidates when backgrounds are similar.” The requirements from overseas teams are even stricter. Yulia revealed that her clients (primarily European and American projects) not only require fluency in English but also a “cultural fit.” “They will discuss meme culture and the spirit of cryptopunks during interviews; if you can’t get these points, you basically have no chance.” Behind the reduction in hiring demands is the large-scale decline of startups. Antoniayly has a deep understanding of this, “Around 2021, there were continuous hiring opportunities from infrastructure to applications, wallets, DeFi, social media, and various crypto companies, but now basically only exchanges, large public chains, and big DeFi applications are still hiring; it seems that all the small and micro enterprises in the industry have vanished.” In terms of hiring trends, exchanges have also changed their strategies. In addition to traditional technical and product positions, more and more operational positions require Web2 growth experience. Under the intense competition for growth, candidates who know how to engage on Bilibili, Xiaohongshu, and private domain traffic are becoming the new favorites. But what’s most surprising is the age issue. “Compared to the last cycle, the age restrictions have actually become much more relaxed.” James’s observation has overturned many people’s perceptions. In today’s internet industry, where one must worry about being “optimized” at 35, Web3 has opened its doors to some middle-aged individuals. The reason is very realistic: as the integration with traditional finance deepens, Web3 needs not only young people who can code but also seasoned professionals who understand financing, have connections, and can handle regulations. “Web3 is transitioning from a wild era to professionalization.” James concluded, “Previously, courage was enough to strike gold; now we need professionals with industry knowledge and resource integration capabilities.” Is there a talent shortage in Web3? “Yes, but also no.” This answer has reached a consensus among interviewees. This seemingly contradictory phenomenon reveals the structural issues in the Web3 talent market: on one hand, there are a large number of job seekers submitting resumes, and on the other hand, exchanges and project parties still cannot find suitable candidates. Headhunter Nancy, based in Singapore, primarily serves top exchanges. In her observations, operational positions belong to a typical “false prosperity.” “Every time operational positions are released, the resumes received can flood the inbox.” Nancy said with a wry smile, “But those who truly meet the requirements may be less than 1%.” Where does the problem lie? “Many people think operations just means posting on Twitter and organizing events.” Nancy explained, “But exchanges need vertical domain experts. For example, for contract operations, you need to understand contract mechanisms, risk control logic, and market-making thinking; for community operations, you need to understand DAO governance, tokenomics, and incentive mechanism design.” A real case is that a certain exchange was recruiting for “DeFi product operations,” requiring candidates to independently design liquidity mining schemes. As a result, in the hundreds of resumes received, less than 10 truly understood Impermanent Loss. “Most people are applying for Web3 positions with a Web2 mindset,” Nancy summarized, "They see the word operations and apply without considering whether it’s content operations, user operations, or…