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Sei Co-Founder Says Many Crypto Developers Are Mediocre, Is He Right?

2 mins
Updated by Ciaran Lyons
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In Brief

  • Jayendra Jog, co-founder of Sei Labs, has criticized the talent of developers in the cryptocurrency industry.
  • Top talent in crypto often transitions to founders instead of staying as employees, according to Jog.
  • Founders' pay in the crypto industry is uncapped, but even the average employee pay is still considerable.
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Jayendra Jog, co-founder of Sei Labs, the company behind the popular cryptocurrency SEI, has criticized the talent of developers in the crypto industry.

According to Jog, the top talent in the industry typically doesn’t remain as employees but instead moves on to become founders.

Sei Co-Founder Slams ‘Most Crypto Devs’

While founders’ pay is uncapped and exponentially dependent on the project’s success, the average pay in the crypto industry is still considerable and shouldn’t be dismissed. However Jog believes that the average developer in the crypto industry is nothing special:

“Most crypto devs are pretty mid tbh. many top-tier crypto devs become founders, so devs that are actively looking for a job with several years of blockchain experience often aren’t great.’

BeInCrypto recently reported data indicating that crypto compliance staff earn an average annual salary of $103,000.

Read more: 11 Best Altcoin Exchanges for Crypto Trading in January 2024

Although Jog expresses less than optimistic views about developers in the crypto industry, developers remain the most in-demand professionals across the entire information technology (IT) industry.

Statista’s data shows that in 2023, back-end developers and full-stack developers were the most sought-after workers in the IT industry.

Most demanded technical positions by recruiters worldwide in 2023. Source: Statista
Most demanded technical positions by recruiters worldwide in 2023. Source: Statista

Crypto Jobs In Recent Times

However, it is not always safe to have a job in an emerging tech industry.

Despite the recent positive regulatory news at the start of this year regarding the approval of 11 spot Bitcoin exchange-traded funds (ETF) by the United States Securities and Exchange Commission (SEC), several waves of layoffs have already occurred this year.

However, new start-ups and more optimised structures in the organization, can lead to major layoffs.

Read more: Top 12 Crypto Companies to Watch in 2024

On February 1, BeInCrypto reported that Polygon Labs announced layoffs of 60 team members, approx. 19% of its workforce, to increase operational efficiency.

Meanwhile, on January 11, NEAR Foundation announced a 40% workforce reduction, affecting marketing, business development, and community teams.

On the flip side, plans to expand its workforce by 25% in Q1 2024, focusing on Europe and emerging markets.

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Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.