According to data from Google Trends, the search interest for the term “onchain” reached an all-time high in May. In the past five years, the worldwide search interest for the term 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, the search interest for “onchain” reached 100 on the index.
The CEO of CryptoQuant, Ki Young Ju, stated on X on June 3 that “on-chain,” once considered tech jargon, is now widely known. He believes that the next step is to record everything on-chain and that a new era is approaching as the learning phase comes to an end.
Data shows that Nigeria has demonstrated the most interest in the term “onchain” over the past 30 days, followed by Afghanistan and Ethiopia. Users who searched for this query on Google also frequently searched for terms like “onchain token,” “onchain coin,” “onchain crypto,” and “onchain summer.” The last term is a slogan used to promote Coinbase’s Ethereum layer-2 network Base.
Jesse Pollak, the creator of Base, mentioned in March that the term “onchain” performed better in consumer testing than any other word commonly 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 achieved this milestone in late April. The fund currently manages assets worth $459.9 million, surpassing Franklin Templeton, which holds $357.7 million.
In May, Ethereum layer-2 blockchain Starknet announced a partnership with AI firm Giza to bring AI agents on-chain. These agents will be able to autonomously 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, with each node acting as an AI twin performing tasks for its operator.
During May, several analysts utilized onchain metrics to make predictions about the future trajectory of Bitcoin (BTC). On May 19, a 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 starting. These metrics include the Bitcoin MVRV Z score, Puell Multiple, and market dominance, among others. Glassnode analysts later stated that Bitcoin is preparing for a significant upward movement, referencing the Supply Last Active Age Band metric, which examines how long it has been since Bitcoin has moved on-chain based on different levels of “supply last active.”
In summary, the search interest for the term “onchain” experienced a surge in May, reaching an all-time high. Nigeria, Afghanistan, and Ethiopia demonstrated the most interest in the term. Various developments, such as the tokenization of treasury funds and the integration of AI agents on-chain, have been taking place. Analysts have also been utilizing onchain metrics to predict the future trajectory of Bitcoin.