With this study, we aim to demonstrate that the Ukrainian market has the potential to become a major hub for Web3 technologies in Europe. The IT sector, of which Web3 is an integral part, generated $6.7 billion in revenue in 2023, comprising 40% of the country's export services, despite the ongoing conflict. These and other reasons demonstrate that Ukraine has all the potential to become an El Dorado for Web3 projects.

Ukraine: the driving force of blockchain developers’ talent

Ukrainian developers have created world-famous projects such as Solana, Near, CEX.io, Whitebit, Trustee, Everstake, Aurora, and many others.

Out of these projects, only three (Solana, Everstake, and Aurora) have raised $985 million.

Ukraine is the only European country with a growing share of blockchain developers.

The number of developers has grown by 2% from 2019 to 2022. Currently, there are more than 70 companies specializing in the Web3 segment.

Low salary level compared to Europe 

The cost of living index in Ukraine is significantly lower than in the US and EU, allowing savings of up to 20% compared to average costs. Hourly rates range from $25 to $149.

According to updated data from the National Bank, the IT industry contributed $6.7 billion to the Ukrainian economy in 2023 through the export of its services. With impending regulation, Web3, as a subset of the IT sector, has the potential to become highly profitable here.

Social support of Web3 in Ukraine

The involvement of the population and local businesses in the use of crypto assets is substantial, with 53.16% holding 1% to 20% of their finances in cryptocurrencies.

In 2024, Ukraine was ranked sixth in the Global Crypto Adoption Index among 146 countries. 

In 2024, it ranked 9 in Cryptocurrency Ownership Research.

Legal potential of Ukraine

Government support of Web3 sphere

In 2024, Ukraine reaffirmed its commitment to creating a regulatory environment, including in the IMF Memorandum. This creates a more predictable and secure Web3 environment for investors.

MiCA adoption

The adoption of MiCA will attract new product and service-oriented Web3 companies to Ukraine, attracting Ukrainian developers into the sector. This has the potential to significantly increase the volume of export services, potentially doubling or tripling it.

Why our research can be a game changer for the industry 

At the moment we’re preparing research highlighting the potential of Ukrainian Web3 sector. We want to demonstrate that Ukraine has all the chances to become the most sought-after area for investors and products as an integral part of the most successful IT sector at the moment.