A significant number of Web3 workers are interested in a hybrid-payment method a recent survey outlines. | Credit: Anadolu / Getty Images.
Key Takeaways
- A large portion of Web3 employees want to be paid with a mix of traditional finance and cryptocurrency, a recent survey has found.
- Only 17% of Web3 employees currently get paid with a blend of the two.
- Web3 diversity remains low.
As the world increasingly moves to Web3, it seems employees are progressively looking to move away from traditional finance.
A new survey from Consensys and YouGov has revealed that over 50% of Web3 employees want to receive part of their salary in crypto, but only 17% currently receive it.
A Mix of Crypto and Fiat
A Consensys global survey of 30 Web3 organizations by YouGov found that two-thirds of workers get paid solely in fiat (67%). However, only 30% currently feel comfortable with this traditional payment method.
The survey found that over half of the respondents wanted to be paid with a blend of crypto and fiat, but only 17% received this.
According to the survey, over half of the employees (51%) working for an employer said it was important that they received “innovative and competitive compensation.”
“These findings indicate a growing demand for more flexible and modern compensation structures, one that chimes in more broadly with the ethos of Web3, suggesting that Web3 firms would be wise to consider offering compensation via fiat only, a mix of fiat/crypto and crypto-only,” Consensys wrote.
Nonetheless, as the study outlines, many firms appear reticent to offer payment in crypto. Regulatory issues and heightened scrutiny of crypto companies may be part of the reason behind this.
Web3 Diversity Still Low
The survey also further highlighted the industry’s known diversity problem.
According to the survey, there are more than two men for every woman in the industry, with just 29% of respondents being women.
In terms of age groups, the overwhelming majority (78%) were between 25 and 44; just 2% of respondents were over 55.
Historically, early adopters of blockchain and decentralized technologies have been overwhelmingly male, with a significant concentration in financially affluent groups.
“These disparities underscore the importance of fostering greater diversity and inclusion within Web3 to drive innovation and ensure its sustainable growth,” Consensys noted.
The findings mirrored Hacken’s 2024 Report on Gender Equality in Web3 , which found male founders and leaders outnumbered females by nearly nine to one.
Out of 80 startups analyzed by the blockchain auditor, only 10 have at least one female founder.
ENS PayPal Partnership
On Sept. 10, Ethereum Name Service (ENS) announced that it had partnered with PayPal and Venmo to integrate ENS domains into its payment solutions.
The partnership represents a major step forward for ENS, bringing the technology to over 270 million users.
Initially set to roll out for U.S. citizens, users will be able to use their ENS names when transferring crypto to streamline the process and reduce the risk of faulty transfers.
Ethereum Name Service Price Prediction 2024: ENS Price Analysis
