Synopsis
India is on track to emerge as the leading hub for Web3 developers globally by 2028, following a remarkable increase in developer participation and investments in the sector, according to a recent report.Key Takeaways
- India is expected to become the world's largest Web3 developer hub by 2028.
- Over 4.7 million developers joined GitHub in 2024.
- 45.3% of developers focus on coding.
- Over 1,200 Web3 startups are operating in India.
- Funding in the Web3 sector increased by 109% in one year.
Bengaluru, March 11 (NationPress) India is swiftly establishing itself as a dominant force in the Web3 sector and is projected to become the world’s largest Web3 developer hub by 2028, as indicated in a report released on Tuesday.
The recent ‘India Web3 Landscape’ report by Hashed Emergent revealed that the nation experienced the highest year-on-year (YoY) growth in developer engagement in 2024, adding over 4.7 million developers on GitHub.
This represents 17 percent of all new Web3 developers globally, positioning India as the second-largest crypto developer ecosystem worldwide.
The report highlights that 45.3 percent of Indian Web3 developers engage in coding, 29.7 percent concentrate on bug fixing, and 22.4 percent dedicate their time to documentation.
Key areas of focus include gaming, non-fungible tokens (NFTs), decentralized finance (DeFi), and real-world assets (RWAs).
A notable fraction of India’s Web3 developers are newcomers, with over 50 percent having joined the field within the last two years, and the majority are under 27 years old.
Hackathons, which are collaborative events for programmers to innovate, remain a significant entry point for developers.
Moreover, Web3 companies are proactively partnering with universities in Odisha, Bhubaneswar, Chennai, and Kerala to introduce students to blockchain technology at an early stage.
According to Tak Lee, CEO & Managing Partner at Hashed Emergent, "The country’s unique combination of technological agility, entrepreneurial enthusiasm, and digital adoption is propelling progress."
He further noted, "We are witnessing renewed retail engagement, evolving investor patterns, and deeper integration of Web3 solutions by enterprises and government entities.
“In the past year, we recognized India's leading role in Web3 adoption, and today, that potential is transforming into concrete advancements spearheaded by Indian innovators.”
India ranks third globally for Web3 startup founders, with over 1,200 startups in the sector.
Investor confidence in the nation’s Web3 ecosystem has surged, resulting in a 109 percent rise in funding compared to 2023.
In 2024, Indian startups secured $564 million, bringing the total investment in the sector to over $3 billion, according to the report.
The primary emphasis has been on DeFi applications, including staking solutions, tokenization platforms, and decentralized exchanges.
The report identifies AI, RWAs, and staking solutions as key investment magnet areas.
Numerous global venture capital firms and domestic entities are making significant investments in Indian Web3 initiatives. Furthermore, ecosystem funds from Layer 1 and Layer 2 blockchain networks are also investing heavily, enhancing India’s position in the international Web3 arena.
