May saw “onchain” search interest reach its peak ever, hitting 100 on the Google Trends index between May 26 and June 1, after staying mostly below 25 globally for the past five years with a small spike in March.
CryptoQuant CEO Ki Young Ju remarked on this trend, stating “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.”
Nigeria, Afghanistan, and Ethiopia showed the highest interest in the term over the past 30 days. Common related searches included “onchain token,” “onchain coin,” “onchain crypto,” and “onchain summer.”
The term “onchain summer” is a slogan used to market Coinbase’s Ethereum layer-2 network Base. Jesse Pollak, a creator of Base, noted that “onchain” performs better in consumer testing than other terms used in crypto.
In late April, BlackRock’s USD Institutional Digital Liquidity Fund became the largest treasury fund tokenized on a blockchain, with assets under management of $459.9 million, surpassing Franklin Templeton’s $357.7 million fund.
In May, Ethereum layer-2 blockchain Starknet partnered with AI firm Giza to allow AI agents to perform onchain activities for users, like optimizing yield and reallocating portfolios.
GaiaNet also raised $10 million for its AI infrastructure project to decentralize AI agent software onchain. GaiaNet uses a network of edge nodes to host AI models, each acting as an AI twin performing tasks for its operator.
Onchain metrics in May painted a positive picture for Bitcoin. On May 19, the pseudonymous crypto analyst ‘ELI5 of TLDR’ suggested that five out of seven onchain metrics indicate that the Bitcoin bull run may be starting.
Glassnode analysts also predicted a significant upward move for Bitcoin, citing the Supply Last Active Age Band metric measures how long Bitcoin has stayed on-chain without moving.
This surge in onchain interest and developments indicates a growing adoption and understanding of blockchain technology.
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