As high-paying positions in the Web3 industry continue to emerge, many people can't help but ask: With salaries reaching millions annually, is it still worth joining this field? The answer is simple, of course it's worth it, not joining would be foolish. However, the truth behind it is much more complex than it appears. As a veteran who caught the early wave and has been struggling in the deep waters of the industry for over three years, I share some insights to help you understand why Web3 is willing to spend money, its real current situation, and the hard facts you must prepare before entering the field.
Why does Web3 dare to offer high salaries?
Web3's starting point can be traced back to Satoshi Nakamoto's creation of Bitcoin in 2008, and the transaction where 10,000 bitcoins were used to buy a pizza in 2010 has become a famous story. By 2013, Bitcoin first broke through the $1,000 mark, but at that time, Web3 was still a game for a very few geeks, unrelated to the general public.
In 2016, China's central bank banned ICOs, closed exchanges, Huobi left China, and companies like Binance and OKX developed quietly. At that time, the domestic startup bubble and financial crisis were intertwined, and Web3 was still in its exploratory phase, with only a few people breaking through successfully. 2020 was a turning point, companies like Binance and OKX aggressively poached talent, team sizes exploded, and a large amount of capital flowed into the market, attracting financial talents who had experienced the P2P bubble burst.
In just a few years, cryptocurrency prices soared, and wealth accumulated at an astonishing rate. Web3 was still in a policy gray area at the time, but due to rapid expansion and a severe shortage of talent, companies offered high salaries to attract technical and operational talents, creating a supply and demand imbalance.
Is it still suitable to enter now?
The reality is, the "heavenly" period of Web3 in 2020 has become a thing of the past. Although cryptocurrency prices are still reaching new highs, the market has already entered a highly competitive red ocean, with major companies experiencing at least three rounds of layoffs, and industry fluctuations intensifying.
Web3 companies, once known for generous benefits and fully stocked snacks, are now struggling to escape the dual impact of the pandemic and economic crisis. Many observers are either laid off or looking for their next job.
The industry's dividends are gradually fading, recruitment standards are strict, and although salaries are still high, they are no longer as spectacular as before. Stability has greatly decreased, employee turnover is frequent, and the pressures of technology and compliance have sharply increased. To continue making money in this field, one needs a clear understanding of the market situation.
How does a Web3 tech position differ from traditional industries?
Today's Web3 is no longer what it used to be. Core businesses involve operations, products, centralized and decentralized transactions, fiat currencies, wallets, and other high-threshold areas. However, mid-tier and operations technology often involves open-source stacking.
The difference lies in Web3's stringent demands on outcomes: daily transaction volumes in the hundreds of billions of dollars, and even seconds of system unavailability can cause huge losses, creating immense technical pressure.
Teams have moved from chaotic periods to rapid iterations, with continuous adjustments in organizational structures, and a gradual imbalance in the influence between technical and market product teams. The workload is intense, and it's common to be far from home and in a chaotic management environment, leading to a once low morale.
Are you ready before entering the field?
Far from home: Compliance requires employees to work remotely or relocate to legal countries, top companies mandate overseas bases, and even smaller companies in China might require going abroad at any time.
Extreme pressure: The workload of half a year might equate to several years in traditional companies, with far greater intensity and difficulty.
Policy gray area: Policies in various countries are not yet perfected, the boundaries between legal and illegal are blurred, and there are frequent cases of penalties and confiscations, posing high risks.
The bonus period is over: Salary increases are limited, recruitment thresholds and standards have significantly risen, industry stability is poor, fluctuations are severe, and competition is fierce.
If you haven't yet "eaten instant noodles," then be prepared to face the dual challenges of health and stability.
Conclusion
Web3 was once a symbol of dreams and wealth, and it brought high salaries and opportunities to countless people. But now, it is a demanding, brutally competitive, and risky industry. To enter, one must be mentally and capability prepared, clearly understanding that this is a tough battle.
Those who want to join, must ask themselves: Are you ready to face this high-pressure, high-risk, high-reward enduring battle? Only by truly understanding the nature of the industry can you avoid being overwhelmed by the tide and find your own opportunity.
