Silicon Valley Job-hopping Boom: A Web3 Talent Migration

There is an old saying in China: “A good bird chooses a tree to live in.”

In January, YouTube Gaming head Ryan Wyatt left to join Polygon Studios.

Polygon is a decentralized Ethereum scaling platform, and Polygon Studios is its gaming and NFT division. There are many popular games and NFT projects in the Polygon Studios ecosystem.

Also in January, Sherice Torres, the former chief marketing officer of the Meta digital wallet project, jumped to blockchain payments company Circle to take the same role.

Silicon Valley Job-hopping Boom: A Web3 Talent Migration

And Google VP Surojit Chatterjee left the company back in 2020 to become chief product officer at cryptocurrency exchange Coinbase.

At Google, concerns about keeping employees from moving to crypto companies have grown, according to people familiar with the matter. This topic has become the topic of weekly discussions between CEO Sundar Pichai and his deputy.

In addition, some other Silicon Valley executives are also defecting to Web 3. Former CFO of Lyft and former director of corporate development at Uber, joined NFT exchange OpenSea. Chris Lehane, former senior vice president of policy and communications at Airbnb, joined a crypto venture capital fund.

Many Web 3 companies, no matter how small, can attract many large-scale employees.

For example, in the 20-person team of blockchain technology company Mysten Labs, 80% of the employees are from Meta, Google, Netflix and other big companies. It is worth mentioning that the four founders of Mysten Labs are all from Meta, and the entire company is of “big factory blood”.

Silicon Valley Job-hopping Boom: A Web3 Talent Migration

Of course, Coinbase is the most attractive to big factory employees. Its workforce nearly tripled to 3,730 over the course of the year.

When you come out to work, no matter which field you choose, the most important thing is development prospects and salary.

In both respects, Web 3 companies have clear advantages over Web 2 companies.

First of all, the younger generation now likes to work in more cutting-edge and cooler fields. Especially for tech practitioners, who are problem solvers and look forward to learning new things and don’t want to be left behind.

Silicon Valley Job-hopping Boom: A Web3 Talent Migration

Right now, Web 3 is still an emerging field, with new technologies and models emerging, and employees have a lot to learn.

Alex Bouaziz, CEO of payroll software company Deel, said: “People want to work on the most exciting and innovative areas of technology, right now encryption and Web 3.”

And, Web 3 is on a mission to build and shape the future of the entire Internet, which adds even more professional honor to employees.

In addition, in terms of industry prospects, Web 3 also shows a broader space than Web 2.

Web 2 has been in development for 20 years now, and has entered a bottleneck period of slowing down development, with serious involution, and major factories have been laying off workers recently. As the direction of the next-generation Internet, Web3 is growing rapidly and still has great potential.

Silicon Valley Job-hopping Boom: A Web3 Talent Migration

The data shows that the daily active addresses of the Ethereum chain have increased from 200,000 in January 2020 to 550,000 recently. This means that more and more people are participating in the Web 3 economy.

It should be noted that, compared with Web 2, Web 3 is no longer a single technology, but a field of digital currency, blockchain, Metaverse and other technologies integrated. It has a larger market capacity than Web 2, and employees can There is more room to play.

Every tech worker dreams of changing the world with code.

However, while generating electricity for love and pursuing dreams, we must also consider the bread in our hands.

According to Levels.fyi, senior software engineers at all five FAANG companies (Meta, Apple, Amazon, Netflix, Google) earn more than $300,000 per year.

It seems to be higher than many traditional industries, but Web 3 is more generous.

Coinbase pays software engineers as much as $900,000 a year, according to social forum Blind.

Silicon Valley Job-hopping Boom: A Web3 Talent Migration

Coinbase offers executives higher income. Chatterjee left Google to join Coinbase in February 2020. When Coinbase went public in April 2021, Chatterjee’s shares soared to more than $600 million, which is only 14 months since he joined the company, and the speed of attracting money should not be too fast.

Compared with Web 2, the salary structure of Web 3 also has a huge attraction – tokenization.

In some Web 3 companies, the incentives for executives and employees are tokens rather than equity.

Compared with equity, token rights have higher liquidity, and employees do not need to wait for the company to be acquired or IPO to be discounted, but can convert tokens into cash at any time to obtain benefits in advance.

Web 3 companies attract employees, driven by the times.

Silicon Valley Job-hopping Boom: A Web3 Talent Migration

Looking back, from the rise of Web 1 at the end of the 20th century to the advent of Web 2, the rise of each wave was accompanied by the migration of employees. The same is true for the rise of Web 3 this time around.

The times are pushing employees to newer and more valuable formats.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/silicon-valley-job-hopping-boom-a-web3-talent-migration/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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