How Much Smart Contract Developers Earn: Singapore vs Rest of The World
When it comes to salaries, blockchain developers are among the most highly paid professionals in the tech industry. The need for smart contract developers has grown dramatically over the last several years because of increasing interest in cryptocurrency and digital assets like Bitcoin, Ethereum, Ripple, etc. As a result, there has been an influx of people entering this field, leading to fierce competition for jobs and higher compensation packages.
As of August 2023, Web3 Career data shows the average salaries of different development jobs in Web3—with most piercing above $100K annually.
In this guide provided by our team from Solid Metrics, we'll cover everything you should know when considering whether to become a smart contract developer and what kind of salary you can expect once hired. We will discuss the role of a smart contract developer and its impact on the crypto economy, as well as give tips for finding employment and negotiating pay.
Singapore has one of the largest communities of blockchain developers, making it a prime location to start a career as a smart contract developer. If not, there are also plenty of blockchain development agencies worldwide looking to hire smart contract developers.
What is a Smart Contract?
Before we jump into the details of becoming a smart contract developer, let's first understand what a smart contract actually is. According to IBM, a smart contract is a computerized transaction between two parties that is executed without the involvement of a third party such as a bank or government, making it faster, cheaper, and less prone to fraud. Smart contracts are often used by financial institutions to execute payments automatically, eliminating the need for intermediaries. For example, banks may issue loans through smart contracts instead of going through traditional processes.
Through a series of cryptographic protocols, smart contracts allow users to exchange money, property rights, shares, or anything else of value with complete transparency and without relying on trust. Smart contracts eliminate the need for middlemen and the fees that come with transferring ownership.
Thus, a smart contract developer is someone who creates, tests, audits, deploys, updates, monitors, maintains, and supports smart contracts. Their main responsibility is ensuring smart contract security and stability. However, a smart contract developer is more focused on building new smart contracts than maintaining existing ones.
Salary of a Smart Contract Developer
According to Crunchbase, the average global salary for a smart contract developer is $146,259 per year. But the reality is quite different. Salaries differ across different regions.
For instance, in Singapore, where there are currently more than 491 blockchain startups, the average monthly income for a smart contract developer is $13,500, with a peak earning potential of up to $30,000.
Remote Smart Contract Developers in general earn $150k-$750k per year, depending on their skills, knowledge, and experience.
In contrast, North American Smart Contract Developers make around $140k-$290k per year in a variety of positions ranging from junior to senior. Smart Contract Developers in Europe earn around $160,000 per year.
In Europe, smart contract developers earn around $80- $180k per year, while in Asia they earn around $68k to $200k per year.
In Oceania, smart contract developers make around $75k-$100k per year for a variety of positions ranging from junior to senior.
Finally, African smart contract developers earn around $64k-$75k per year.
The reason why different regions have different salaries is that they have different economic climates, cultures, and economies. As of August 2023, TechBehemoths counts 1,000+ blockchain development companies worldwide. For example, Singapore is a high-tech city with a lot of blockchain startups, while Africa is a developing region with a very low GDP. Furthermore, the cost of living varies significantly between countries, which affects the salary of a smart contract developer.
But even within the same region, a smart contract developer can still be paid quite differently. For instance, Mexican Smart Contract Developers are paid around 357K MXN/year according to Salary Explorer, while in the US, skilled professionals in the same position get around $160K/year according to Interexy.
To explain this difference, let's take a look at the qualities employers look for in a good smart contract developer.
What makes a good smart contract developer?
As a smart contract developer, you will play an integral part in securing the future of cryptocurrencies. Your primary responsibility will be to build smart contracts that run smoothly, securely, and reliably. Hence, the pay package for this job depends largely on the level of skill required for the position as well as the demand for your services.
- Here are the qualities that employers look for in a smart contract developer:
- Knowledgeable about blockchain fundamentals, cryptography, and coding standards.
- Strong technical background and the ability to learn new technologies quickly.
- Familiarity with the latest developments in blockchain technology
- Possesses excellent communication skills to collaborate with cross-functional teams
- Has a solid grasp of the business goals behind the project
- Understands how to manage resources effectively and efficiently
And most importantly...
- is passionate about what they do and loves their job.
Why Do I Need to Learn Smart Contracts?
You might think that knowing how to code would make you a good smart contract developer. While being a programmer certainly helps, it’s not enough to become a successful smart contract developer. The risk of low-paying contracts is too high; the reward isn’t worth the effort.
You need a combination of education and real-world experience to develop smart contracts that meet industry standards and protect investors. The largest exploit and damage, according to rekt news, is $624 million, this remained unchallenged until today August 2023, which is more than 3,000 times the average salary of a good smart contract developer.
Final Words of Wisdom
Being a smart contract developer is an exciting career choice. However, you need to know that there are no shortcuts to becoming a competent smart contract developer. Collaboration efforts between you and your team members are necessary to ensure the quality of your smart contracts.