Solana & CoinDCX Inject $3M Into Blockchain Talent in India

Solana and CoinDCX’s $3.2 million grant is set to catalyze the Indian and global blockchain ecosystem, fostering innovation and growth.

by David Marsanic. Fact checked by: Ciaran Lawler, Editor: Stefan Trapp

Published: January 25, 2024 │ 7:30 PM GMT

Indian man standing under a pink cloud as golden coins falling from above. — *Created by Gabor Kovacs from DailyCoin*

Solana and CoinDCX unveiled a $3 million grant for web3 developers.
The initiative aims to support India’s 12% global web3 developer base.
Grant to facilitate India’s contribution to global finance and healthcare tech.

With its promise of decentralization and innovation, the blockchain industry has been rapidly gaining traction in globally underdeveloped regions. As a testament to this growth, approximately 12% of the world’s blockchain developers are now emerging from India. Now, Solana aims to tap this potential even further.

In a recent development, the Solana Foundation, in partnership with CoinDCX, has announced the launch of a new grant program. This initiative, introducing a substantial $3.2 million fund, is designed to bolster the efforts of web3 developers, focusing on leveraging the vast talent pool within India.

Solana & CoinDCX’s Multimillion-Dollar Grant

On January 25, 2024, the Solana Foundation and CoinDCX launched a grant program for blockchain developers from India that amounted to about $3 million. Unveiled on India’s Republic Day, this significant financial incentive is tailored to support and empower the Indian web3 developer community.

[Community Update] This Republic Day🇮🇳, we honour our best asset that is key to an Atmanirbhar future — our homegrown technology talent.🫡@CoinDCX joins forces with a major global player, @SolanaFndn and @SuperteamDAO to unleash a ₹25 Crore grant — to fund public goods and… pic.twitter.com/4NNZtw7qr8
— Sumit Gupta (CoinDCX) (@smtgpt) January 25, 2024

This grant program is part of a strategic initiative to facilitate the development of public goods and projects within the Solana ecosystem. It is open to developers with an idea or proof of work contributing to the Solana network to drive user adoption and foster growth within the blockchain domain.

Recent Developments in the Solana Blockchain

Several noteworthy advancements have marked Solana’s growth trajectory. The network recently introduced Firedancer, an independent validator client developed by Jump Crypto, aiming to support more transactions and increase network throughput. Moreover, Solana Labs is developing Runtime v2, enhancing network performance and developer experience.

The network now has 2500 to 3000 active blockchain developers, indicating a robust and healthy ecosystem. Developer retention has risen over 50%, suggesting a growing commitment to the Solana ecosystem.

On the Flipside

India is among the countries with the highest number of blockchain developers. According to a 2018 study, the country has over 12,000 blockchain devs, second only to the United States.
India is also leading in terms of crypto adoption, according to Chainalysis’ 2023 Global Crypto Adoption Index.

Why This Matters

The importance of the Solana Foundation and CoinDCX grant lies in its potential to empower a new generation of Indian developers, enabling them to contribute to the global blockchain ecosystem from their home country.