A new compensation report from the Protocol Guild paints a clear picture of the tradeoffs Ethereum core developers face: Many are underpaid in fiat terms and receive no upside exposure to tokens, yet continue to maintain Ethereum’s most critical infrastructure. 

For this cohort, Protocol Guild (PG) has become the sole source of “equity-like” compensation, filling a structural void that traditional employers can’t — or won’t — bridge.

The numbers are striking. The median Ethereum core developer earns $140,000 in fiat compensation from their employer, while the median external offer stands at $300,000, creating a 114% gap. PG distributions, which are streamed via a…

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