Hashed Emergent Releases ‘India Web3 Landscape Report’: India Set To Become World’s Largest Web3 Developer Base By 2028
In Brief
Hashed Emergent has released the third edition of its “India Web3 Landscape” report, offering insights into various aspects, including the country’s developer community, consumer and enterprise adoption, investment trends, and regulatory environment.
Venture capital firm Hashed Emergent, which focuses on accelerating the mass adoption of Web3 in India and other emerging markets, has released the third edition of its “India Web3 Landscape” report. As India’s Web3 ecosystem grows, the report provides valuable insights into various aspects such as the country’s developer community, consumer and enterprise adoption, investment trends, and the regulatory environment.
“India’s Web3 ecosystem has grown stronger amid global challenges. The country’s unique blend of technological agility, entrepreneurial spirit, and digital adoption is driving progress. 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,” said Tak Lee, CEO & Managing Partner at Hashed Emergent, in a written statement. “We extend our sincere gratitude to our knowledge partners for their invaluable contributions and insights in preparing this report,” he added.
The report highlights that India is home to the third-largest web3 founder base globally, with over 1,200 startups spanning a wide range of sectors. In 2024, Indian founders have focused on developing new decentralized finance (DeFi) applications, including staking, liquid staking, re-staking products, perpetual decentralized exchanges (DEXs), real-world assets (RWA), and tokenization platforms.
India is responsible for 11.8% of cryptocurrency developers, making it the second-largest cryptocurrency developer base worldwide. The report also indicates that 45.3% of Indian Web3 developers are engaged in code contributions, 29.7% in bug fixes, and 22.4% in documentation efforts. Web3 use cases in India are dominated by gaming and non-fungible tokens (NFTs), which engage 30% of developers, followed by DeFi and RWAs at 26%.
In 2024, India contributed 17% of all new developers entering the Web3 space, the highest contribution from any country. This growth positions India to surpass the US and become the largest developer community by 2028. India also experienced the highest year-over-year growth in developers, with a 28% increase, adding more than 4.7 million developers to GitHub in 2024.
A large portion of Indian developers are still in the early stages of their web3 journey, with over 50% joining within the past two years. Additionally, around 85% of developers are under the age of 27. Hackathons serve as a key entry point for Indian developers, with more than 87% of respondents having participated in at least one.
The Rise of Web3 Gaming
The report reveals that Indian Web3 gamers spend almost double the amount that traditional gamers do annually: $220 compared to $120. They are also more likely to be paying users, with 64% of Web3 gamers making purchases versus 56% of Web2 gamers. Additionally, 38% of traditional gamers have tried Web3 games, and 60% continue to engage with them. Notably, 60% of hybrid gamers (those who play both Web2 and Web3 games) have switched to exclusively playing Web3 games, suggesting a strong preference for Web3 gaming experiences. These trends indicate that blockchain-based games are effective at retaining players. Approximately 50% of gamers are under the age of 25, highlighting that Gen Z dominates the Web3 gaming landscape.
Renewed And More Sophisticated Retail Participation
In addition, the growth in Indian cryptocurrency trading in 2024 surpassed the combined growth of 2022 and 2023, reflecting the increasing sophistication of Indian cryptocurrency traders. The country saw a fivefold increase in meme coin trading volumes, signaling a strong demand for new market opportunities. Gen Z comprises 35% of the cryptocurrency investor base, and two-thirds of futures traders are under the age of 35. Furthermore, 10% of futures traders are women, suggesting high potential for growth in female participation. It is also noteworthy that 59% of Indian cryptocurrency traders use stop-loss orders, indicating an advanced approach to risk management. According to a survey by Hashed Emergent, traders typically prefer a leverage range of 11x to 20x, reflecting calculated risk-taking rather than reckless speculation.
Government And Enterprise Advancements In Web3
The Indian government has made notable strides with its National Blockchain Framework. Solutions like Praamaanik and NBFLite within the Vishvasya Stack have been widely deployed, reaching 5 million users and 16 banks. Government adoption extends across 20 divisions, seven states, and six products, managing over 84 million records. While government-led blockchain initiatives gain momentum, it is crucial to embrace private sector innovations to continue advancing the industry. Major Indian conglomerates like Reliance, Bajaj, and Tata are utilizing private sector solutions for various use cases. For instance, Reliance Jio and Polygon Labs are bringing Web3 to over 450 million users, enhancing loyalty programs, digital transactions, and data management.
Although India lacks a unified regulatory and policy framework for Web3, there has been a shift from a ‘ban crypto’ stance to a more nuanced understanding and acceptance of Web3, with the aim of establishing appropriate regulations for the sector.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
