Ethereum is worth $1 trillion, but its developers are underpaid
Contradictions are everywhere. They sneak into the decisions of our leaders, even into family discussions. They are also found in society and even in the company where we work. The paradox is part of the setting, but when it becomes too glaring, it ends up shocking. In the crypto world, Ethereum offers a striking example: its network is worth more than $1 trillion, but its developers struggle to keep up.
In brief
- Ethereum developers earn a median salary of $140,000, far behind the competition.
- External offers reach $300,000, some developers receiving up to $700,000 annually.
- Only 37% benefit from equity or tokens, compared to a 6.5% norm elsewhere.
- Protocol Guild accounts for a third of revenues, distributing $33 million since its launch in 2022.
The Ethereum paradox: a billionaire blockchain with underpaid developers
The Ethereum blockchain sets records. One trillion dollars secured, millions of users, thousands of applications. Yet, its developers earn an average of $140,000 per year, 50 to 60% less than their peers elsewhere. The Protocol Guild report shows researchers sometimes reach $215,000, but most cap around $130,000.
This gap is not limited to salaries. Most have neither stock nor tokens. Only 37% receive an allocation in tokens or equity, while in the rest of the crypto industry, it is common to receive 6.5% shares.
A developer sums up the dilemma:
I received an offer of $700,000 per year in total compensation. However, I haven’t even started the process, as I prefer (for now) to work on Ethereum L1 with a lower salary.
Behind Ethereum’s strength lies a structural weakness: its builders remain far less rewarded than those of rival blockchains.
The blockchain facing brain drain: the risk of a hemorrhage
Nearly 40% of Ethereum developers have received external offers, often generous: on average $359,000, sometimes $700,000. Many resist out of conviction, but the feeling of injustice settles in. Without a safety net, brain drain threatens.
The Protocol Guild plays a vital role here. Since 2022, it has distributed more than $33 million, representing nearly a third of the annual income of some members.
Protocol Guild is critically important to retain existing talents.
Protocol Guild
Some key figures to remember
- Current median salary: $140,000 versus $300,000 in competitive offers;
- Only 37% receive tokens or equity, compared to a 6.5% norm elsewhere;
- 108 job offers received by 42 developers in one year;
- Protocol Guild has paid an average of $74,285 per member over 12 months.
The risks are clear: slowdown in updates, weakening of the roadmap, loss of neutrality. For a crypto industry that depends on Ethereum as its technical foundation, the signal is worrying.
The paradox is striking: Ethereum churns billions, but its developers lack financial recognition. A situation all the more glaring since the foundation does not hesitate to mobilize millions, as during the planned sale of 10,000 ETH to finance its projects. In other words, resources exist, but the oil that runs the machine remains neglected.
