Bengaluru: India is rapidly emerging as a global leader in the Web3 space and is expected to become the world’s largest Web3 developer hub by 2028, according to a report Tuesday.
The latest ‘India Web3 Landscape’ report by Hashed Emergent showed that the country recorded the highest year-on-year (YoY) growth in developer participation in 2024, adding more than 4.7 million developers to GitHub.
This accounts for 17 per cent of all new Web3 developers globally, making India the second-largest crypto developer base in the world.
The report states that 45.3 per cent of Indian Web3 developers contribute to coding, 29.7 per cent focus on fixing bugs, and 22.4 per cent work on documentation.
Popular areas of development include gaming, non-fungible token (NFTs), decentralised finance (DeFi), and real-world assets (RWAs).
A significant portion of India’s Web3 developers are newcomers, with over 50 per cent having entered the space in the last two years. Most of them are under the age of 27.
Hackathons — an event where computer programmers work together closely to create something new — continue to be the primary gateway for developers.
However, Web3 firms are also actively collaborating with universities in Odisha, Bhubaneswar, Chennai, and Kerala to introduce students to blockchain technology early on.
“The country’s unique blend of technological agility, entrepreneurial spirit, and digital adoption are driving progress,” said Tak Lee, CEO & Managing Partner at Hashed Emergent.
He added that “we now see renewed retail participation, shifting investor trends, and deeper integration of Web3 solutions by enterprises and the government.
“Last year, we noted India’s global leadership in Web3 adoption and today, that promise is turning into tangible advancements led by Indian innovators.”
India also ranks third globally in terms of Web3 startup founders, with over 1,200 startups operating in the sector.
Investor confidence in the country’s Web3 ecosystem has surged, leading to a 109 per cent increase in funding compared to 2023.
In 2024, Indian startups raised $564 million, taking the total investment in the sector to over $3 billion, the report said.
The primary focus has been on DeFi applications, including staking solutions, tokenisation platforms, and decentralised exchanges.
The report highlights AI, RWAs, and staking solutions as key areas attracting significant investment.
Several global venture capital and homegrown firms are betting big on Indian Web3 projects. Additionally, ecosystem funds from Layer 1 and Layer 2 blockchain networks have made substantial investments, further boosting India’s standing in the global Web3 landscape.
IANS
