The search interest for the term “onchain” experienced a significant surge in May, reaching an all-time high, according to data from Google Trends. In the past five years, global search interest for “onchain” remained relatively low, mostly below 25 out of 100, with a brief increase to around 30 in March. However, between May 26 and June 1, search interest skyrocketed to 100 on the index.
CryptoQuant CEO Ki Young Ju stated on X on June 3 that “on-chain,” which was once considered technical jargon, is now widely recognized. He believes that the next step is to record everything on the blockchain, as the learning phase has ended and a new era is approaching.
Data reveals that Nigeria has displayed the most interest in the term over the past 30 days, followed by Afghanistan and Ethiopia. Users who searched for “onchain” on Google also commonly looked for related terms such as “onchain token,” “onchain coin,” “onchain crypto,” and “onchain summer.” The latter is a marketing slogan adopted by Coinbase to promote its Ethereum layer-2 network Base.
Jesse Pollak, the creator of Base, mentioned in March that “onchain” performs better in consumer testing compared to any other word used in the crypto industry.
So, what is currently happening onchain?
The largest treasury fund tokenized on a blockchain is the BlackRock USD Institutional Digital Liquidity Fund, which surpassed Franklin Templeton to take the top spot with assets under management of $459.9 million.
In May, Ethereum layer-2 blockchain Starknet partnered with AI firm Giza to enable AI agents on its blockchain. These agents can independently perform onchain activities for users, such as optimizing yield and reallocating portfolios. Additionally, GaiaNet raised $10 million for its AI infrastructure project, aiming to decentralize AI agent software onchain. GaiaNet utilizes a distributed network of edge nodes controlled by individuals and businesses to host AI models based on their expertise.
During May, several analysts used onchain metrics to make predictions about the future trajectory of Bitcoin (BTC). For instance, the pseudonymous crypto analyst known as ‘ELI5 of TLDR’ suggested that five out of seven onchain metrics indicate that the Bitcoin bull run may just be getting started. Glassnode analysts also indicated that Bitcoin is gearing up for a significant upward movement, citing the Supply Last Active Age Band metric.
In conclusion, the search interest in “onchain” has surged to an all-time high, indicating a growing awareness and interest in blockchain technology. Various developments, such as the tokenization of treasury funds, the integration of AI agents on the blockchain, and the use of onchain metrics for Bitcoin analysis, highlight the expanding applications and potential of onchain transactions.