How to Hire DeFi Developers: 3 Considerations You Need to Know

DeFi, or decentralized finance, has risen in popularity and adoption in recent years. More and more businesses consider leveraging DeFi solutions to improve their operations, and thereby, need to hire DeFi developers. The latter task can be challenging, especially if you aren’t familiar with the industry and have never hired these specialists before. 

At Bridge, we are dealing with sourcing difficult-to-find candidates every day, and DeFi developers are no exception. So, whether you’re a startup or an established business, our insights and expertise can help you find the right DeFi developer to take your project to the next level. So, let’s get started by uncovering why there’s a strong demand for DeFi engineers. 

Why De-Fi developers are in demand

As the popularity of DeFi continues to grow, the demand for skilled DeFi software engineers is on the rise. Here is why. 

• De-Fi is an emerging and growing field. The value locked in DeFi protocols has grown from $1 billion to over $13 billion in just the past year, meaning that this area becomes especially promising for investing in and developing a blockchain-based solution, accordingly. 
• De-Fi revolutionizes the financial industry. De-Fi apps enable users to make secure and transparent financial transactions in a decentralized way, reducing reliance on banks and other financial institutions. The number of De-Fi users worldwide reached 6,686,500 in January 2023 and continues to grow. It creates opportunities for blockchain-based fintech startups, which, in turn, also demand De-Fi developers. 

De-Fi developers themselves can become startup owners. For example, Compound, a decentralized lending and borrowing platform that allows users to earn interest on their cryptocurrencies, was created by Robert Leshner, a DeFi specialist, and has attracted millions of dollars in investment. What’s more, recently software developers began to resign massively, and a certain share of them was driven by the goal of creating their own business.

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Now that we know these demand-generating trends, let’s proceed with some other things you have to take into account when hiring DeFi engineers. 

3 things to be ready for when hiring De-Fi developers

Before you begin your search for a DeFi expert, there are a few things you need to be prepared for to ensure a successful hiring process.

De-Fi developers are rare fish

The demand for tech talent has been increasing globally in recent years. The matter is that more and more companies start integrating advanced technologies into their business processes while the global tech education system delivers significantly fewer specialists than companies would like to hire. DeFi developers are also not an exception. DeFi skills are so specific and complex that finding the right expert for your team is a big difficulty, especially in a relatively small talent pool.

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Solution! Look for DeFi talent globally. Global hiring allows for expanding the pool of suitable DeFi candidates beyond their local area. For example, at Bridge, we can help you find the right DeFi candidates in the US, Latin America, and Western and Eastern Europe. 

Many De-Fi developers prefer working remotely

While hiring DeFi developers globally becomes a viable way to bridge the talent gap, it is important to understand that it means running your project remotely. And the good news is, most DeFi developers and other tech specialists appreciate such an opportunity. But it also comes with challenges you should keep in mind. Time zone alignment, establishing clear communication practices, and choosing the right toolkit for remote work management are the main ones. 

Solution! Try and compare several tools like Asana, Trello, or Jira to discover how each of them helps you keep track of tasks and deadlines. Then, choose the one your DeFi solution team feels the most comfortable with. As for remote DeFi team communication, establish several rules, for example, in relation to response times, daily checkups, and issue reporting. Lastly, consider adjusting work schedules in such a way that all your team members can work together for at least some hours a day.

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You should have the specific technical expertise to evaluate De-Fi developers’ skills

Another important thing you should be prepared for when hiring DeFi developers is their specific skill set. In addition to the deep understanding of blockchain and crypto, they should also understand how these technologies work for DeFi specifically. They should also have strong Solidity development skills since the majority of DeFi projects are built on Ethereum. That’s why DeFi developers’ skills are difficult to evaluate, especially for a non-technical person.

And before you proceed with vetting them technically, consider some getting-started interview questions to get an idea of a developer’s background, qualifications, and communication style:

• What is your experience with DeFi protocols and smart contracts?
• What are the most common challenges you face while developing DeFi applications?
• How do you ensure security while developing DeFi applications?
• How do you handle scalability issues in DeFi applications?

Solution! If you lack the technical background to evaluate DeFi developers’ skills on your own, consider hiring pre-vetted programmers. For example, at Bridge, we source software developers from a 900k-wide talent pool. They are already pre-vetted and their qualification is carefully matched with our client’s project requirements thanks to our team of sourcers.

Discover more about our sourcing-as-a-service! 

3 proven ways to hire De-Fi developers

Once you have a clear understanding of the challenges you may face when hiring DeFi developers, consider several ways to do it. 

Hire freelance De-Fi developers for short-term projects 

Hiring freelance developers is a proven way to overcome the tech talent shortage and find the necessary specialist in the global talent pool. But when it comes to software development, hiring freelance programmers makes the most sense when your project is short-term or there are several non-critical tasks you need to address. The matter is that freelance developers are rarely committed to a single project while managing a freelance development team is significantly more difficult than managing a remote but dedicated unit. 

Build a dedicated De-Fi development team for long-term tech support

If, on the contrary, you have a long-term project in mind, but need more experienced specialists that will work for you on a full-time basis, building a dedicated development team with the help of an outsourcing vendor is the safest strategy. In this case, the vendor is responsible for hiring DeFi developers, including pre-vetting, interviewing, and onboarding them. They also manage your dedicated team completely, ensure seamless communication between you and software programmers, and take care of legal compliance. However, despite this way seeming the easiest path to choose, finding a reliable software development vendor can be challenging. This is the priciest strategy to build a DeFi solution as well. 

Hire remote De-Fi developers with Bridge for future project scaling

As for the third way to hire DeFi programmers, consider doing it with Bridge’s support and expertise. We would be glad to help you tap into a global network of top-tier DeFi developers and build a team that will help you achieve your goals. With our powerful proprietary data engine built for tech talent sourcing, we can source DeFi developers step by step, helping you build a tech talent pool that you can refer to when your project grows and you need more software developers on board. 

What’s more, our sourcing-as-a-service is subscription-based. That’s why the cost of hiring DeFi developers with Bridge is ultimately predictable, allowing you to plan your budget effectively and focus on your project without worrying about unexpected expenses.

Contact us now to hire qualified DeFi developers quickly and easily!