Solana is a public blockchain known for its high-performance network across use cases such as finance, non-fungible tokens (NFTs), payments, and gaming. The Solana cryptocurrency is one of its most adopted and traded products across the globe, rated third after Bitcoin and Ethereum.
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“The Solana ecosystem is exceptionally fast and cheap for development of decentralised applications making the experience as easy as developing a Web2 application,” Akshay BD, advisor, Solana Foundation told ET. “We see a lot of potential among Indian developers to explore diverse use-cases such as tokenisation of real world assets including stocks, bonds, gold, residential/commercial real estate etc.”
Sumit Gupta, cofounder of CoinDCX, added that India is already contributing to 11% of global web3 developers.
“With over a billion mobile users, the grant will strategically emphasise the development of Web3 apps on mobile,” he said.
CoinDCX also offers the Okto embedded wallet SDK which simplifies the transition to Web3 for any app or internet company to integrate their infrastructure with that of Web3.
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“CoinDCX, through its investment arm CoinDCX Ventures, will invest in exciting projects emerging from this initiative, solidifying its position as the Indian entry point/partner for the Web3 ecosystem”, Gupta added.The grants are open to individuals, independent teams, governmental bodies, non-profit organizations, corporate entities, universities, and academic institutions.
It is a year-long program ending in December 2024.
As part of the initiative, CoinDCX and Solana Foundation will support technical education among Web3 developers and engineers.
Solana Foundation will also host a global hackathon twice a year and include CoinDCX as a sponsor for an India-specific prize track. CoinDCX Ventures will invest in the best teams emerging from these hackathons, it said.
Brands and creators can also leverage the technology and the tooling to build innovative loyalty programs and consumer experiences that were previously too expensive.
