Onchain Popularity Soars: Google Trends Show Record-Breaking Interest
In May, Google search interest for the term “onchain” surged to an all-time high, according to Google Trends data. Over the past five years, global interest in “onchain” generally remained below 25 on a scale of 100, with a brief peak around 30 in March. However, between May 26 and June 1, the search interest skyrocketed to 100 on the index.
CryptoQuant CEO Ki Young Ju remarked on X on June 3, “Once tech jargon, ‘on-chain’ is now widely known. The next step is to record everything on-chain. The learning phase is over. A new era is coming.”
Data indicates that Nigeria led in search interest over the past 30 days, followed by Afghanistan and Ethiopia. Users searching for “onchain” also frequently looked up terms like “onchain token,” “onchain coin,” “onchain crypto,” and “onchain summer” — the latter being a marketing slogan for Coinbase’s Ethereum layer-2 network, Base. In March, Jesse Pollak, the creator of Base, noted that “onchain” performed better in consumer testing than any other crypto-related term.
What’s happening in the onchain world right now?
Largest On-Chain Tokenized Treasury Fund
In late April, the BlackRock USD Institutional Digital Liquidity Fund became the largest tokenized treasury fund on a blockchain. The fund’s assets under management reached $459.9 million, surpassing Franklin Templeton’s $357.7 million.
AI Agents Coming On-Chain with StarkWare and GaiaNet
In May, Ethereum layer-2 blockchain Starknet, in collaboration with AI firm Giza, announced plans to enable AI agents on its blockchain. These agents can autonomously perform onchain activities for users, such as optimizing yield and reallocating portfolios. Additionally, GaiaNet secured $10 million for its AI infrastructure project, which aims to decentralize AI agent software onchain. GaiaNet’s distributed network of edge nodes, managed by individuals and businesses, hosts AI models tailored to each node operator’s expertise.
Positive Onchain Metrics for Bitcoin
May saw several analysts using onchain metrics to forecast Bitcoin’s trajectory. On May 19, the pseudonymous analyst ‘ELI5 of TLDR’ highlighted that five out of seven onchain metrics suggested the beginning of a Bitcoin bull run. These metrics included the Bitcoin MVRV Z score, Puell Multiple, and market dominance. Later, Glassnode analysts predicted that Bitcoin is gearing up for a significant upward move, referencing the Supply Last Active Age Band metric, which analyzes the time since Bitcoin has last moved on-chain based on various supply age levels.
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