‘Onchain’ Term Experiences Record Increase in Google Searches for the month of May

In May, the term, onchain saw an unprecedented increase in Google search interest, hitting an all-time high according to Google Trends data.

‘Onchain’ Term Experiences Record Increase in Google Searches for the month of May

Over the last five years, global interest in the term had generally stayed below 25 out of 100, with a brief rise to around 30 in March. However, between May 26 and June 1, search interest for “onchain” surged to a perfect score of 100 on the index.

The rising awareness and popularity of the term indicate its transition from tech jargon to common knowledge. “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,” said CryptoQuant CEO Ki Young Ju.

Data shows that Nigeria had the highest search interest in the term over the past 30 days, followed by Afghanistan and Ethiopia. Those who searched for “onchain” on Google also frequently looked up related terms such as “onchain token,” “onchain coin,” “onchain crypto,” and “onchain summer,” the last of which is a marketing slogan used by Coinbase to promote its Ethereum layer-2 network, Base.

The spike in interest in "onchain" aligns with significant developments in the field. For example, in late April, the BlackRock USD Institutional Digital Liquidity Fund became the largest treasury fund tokenized on a blockchain, with assets under management reaching $459.9 million. This surpassed Franklin Templeton, which held second place with $357.7 million.

Additionally, in May, Ethereum layer-2 blockchain Starknet announced a partnership with AI firm Giza to integrate AI agents on its blockchain. These agents will autonomously carry out onchain activities like optimizing yield and reallocating portfolios. Another project, GaiaNet, secured $10 million for its AI infrastructure initiative, which aims to decentralize AI agent software onchain.

GaiaNet uses a distributed network of edge nodes controlled by individuals and businesses to host AI models, allowing each node to act as an AI twin performing tasks for its operator.

Onchain metrics have also become popular for predicting Bitcoin's future trends. Analysts have used various onchain indicators to provide market insights. In May, pseudonymous analyst ‘ELI5 of TLDR’ suggested that five out of seven onchain metrics indicate that the Bitcoin bull run may just be beginning. Glassnode analysts also highlighted the Supply Last Active Age Band metric, which looks at the time since Bitcoin last moved onchain based on different levels of “supply last active,” suggesting that the cryptocurrency is gearing up for a significant upward move.

Digital asset investment products saw $185 million in inflows last week, marking the fourth consecutive week of positive investment trends. In total, these products attracted $2 billion in inflows in May, pushing year-to-date inflows past $15 billion to a new high. Although weekly volumes fell to $8 billion from the previous week’s $13 billion, the consistent inflows demonstrate sustained investor interest in digital assets.

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