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India Set to Become the Leading Hub for Web3 Developers by 2028
India is poised to outstrip the United States as the largest center for Web3 developers by 2028, as detailed in the recent India Web3 Landscape Report (2024), released on March 11. In the past year alone, India’s community of Web3 developers grew by an impressive 28 percent, with over 4.7 million new developers contributing to GitHub. The report also indicated that India represented 17 percent of all new Web3 developers globally in the previous year.
Profile of Indian Web3 Developers
Presently, India stands as the second-largest crypto developer hub worldwide, claiming 11.8 percent of the global developer community. The contributions of Indian developers are pivotal to the advancement of Web3 technologies, particularly in the areas of cryptocurrencies, blockchain solutions, and non-fungible tokens (NFTs).
“Research indicates that 45.3 percent of Indian Web3 developers are actively engaged in code contributions, while 29.7 percent are dedicated to bug fixes, and 22.4 percent work on documentation. Additionally, gaming and NFTs account for 30 percent of the engagement among developers, with DeFi and Real World Assets (RWAs) making up another 26 percent,” according to the report reviewed by Gadgets 360. This represents the third iteration of the report.
The report emphasizes that the Web3 sector is attracting a significantly younger demographic, with 85 percent of developers who entered the field in the past two years being under the age of 27. Events such as hackathons and coding competitions are becoming essential pathways for budding talent to enter this innovative sector.
Expansion of Web3 Founders in India
In recent years, the Web3 sphere has secured a solid foothold within India’s rapidly evolving startup landscape. Currently, India ranks as having the third largest community of Web3 founders worldwide, trailing only the United States and the United Kingdom.
According to a report by Hashed Emergent, India is home to over 1,200 Web3 startups. In 2024, these startups received investments totaling $564 million (approximately ₹4,923 crore), reflecting a remarkable 109 percent increase from the previous year.
“In 2024, Indian entrepreneurs are concentrating on the development of new DeFi applications, including innovations like staking, liquid staking, and re-staking products, as well as perpetual decentralized exchanges, RWAs, and tokenization platforms. Notably, key sectors attracting funding include artificial intelligence, RWAs, and staking solutions, driven by increased investments in centralized AI by major tech companies,” the report highlighted.
Leading venture capital firms such as Coinbase Ventures, Y Combinator, Animoca Brands, IOSG, and LD Capital, in collaboration with domestic VCs like Hashed Emergent, CoinDCX, PeakXV, Borderless, and Alpha Wave, are actively investing in Web3 initiatives emerging from India.
Additional Insights from the Report
The report showcases a significant rise in the adoption of blockchain-based gaming in India, with 60 percent of hybrid gamers now exclusively engaging with Web3 games. Generation Z players dominate this trend, making up half of the gamer population. Furthermore, Web3 gamers in India are spending an average of $220 (around ₹19,204) annually, nearly double the $120 (approximately ₹10,475) typical for traditional gamers.
Indian investors are demonstrating increasingly sophisticated trading strategies, with meme coin trading volumes surging fivefold over the previous year. Notably, Gen Z constitutes 35 percent of the investor population, with women accounting for 10 percent of all futures traders.
“An impressive 59 percent of Indian crypto traders are utilizing stop-loss orders for better risk management. According to Hashed Emergent’s survey, preferred leverage levels are between 11x and 20x, indicating a calculated approach to trading rather than impulsive decision-making,” the report remarked.
Additionally, the adoption of blockchain technology by the Indian government and leading enterprises has accelerated markedly in the past year. The MeitY-backed Vishvasya Blockchain Stack is presently utilized by 16 banks and 20 government departments across seven states. Prominent companies such as Reliance, Bajaj, and Tata are also integrating Web3 solutions to enhance their digital transactions, data processes, and customer loyalty programs.
Commenting on the implications of these findings, Tak Lee, CEO and Managing Partner at Hashed Emergent, stated that India’s Web3 sector is demonstrating resilience and innovation despite global regulatory hurdles.
“The nation’s unique combination of technological advancement, entrepreneurial drive, and digital literacy is fueling substantial progress in the sector. We are witnessing renewed retail participation, shifting investor behaviors, and deeper integration of Web3 technologies into corporate strategies and government initiatives. Our previous analysis highlighted India’s potential in the Web3 landscape, and now we see those predictions coming to fruition through advancements led by Indian innovators,” Lee noted.
Hashed Emergent published the report during India Blockchain Week in Bengaluru last December, having collaborated with CoinDCX, Lysto, Pi42, Devfolio, and Trilegal to examine industry trends and compile the findings.
Source
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