TL;DR
- Global searches for “onchain” on Google reached an all-time high in late May.
- Nigeria, Afghanistan and Ethiopia showed the most interest in this term in the last 30 days.
- Important developments in tokenized assets and the integration of AI with blockchain technology are highlighted.
The term “onchain” has seen an unprecedented rise in global interest, reaching an all-time high in Google search trends in late May 2024.
According to Google Trends data, interest in “onchain” skyrocketed between May 26 and June 1, reaching a score of 100 on the trends index.
This notable increase reflects a significant change in the perception and adoption of blockchain technology in various sectors.
Historically, search interest in “onchain” has remained below 25, with a brief peak of 30 in March before the recent surge.
The countries showing the most interest in this term over the past 30 days were Nigeria, Afghanistan, and Ethiopia, indicating growing curiosity and adoption of blockchain-based technologies in these regions.
In addition to “onchain,” users also searched for related terms such as “onchain token,” “onchain coin,” “onchain crypto,” and “onchain summer.”
The latter is a slogan adopted to help market Coinbase’s Base network, a layer 2 of Ethereum.
The growing popularity of these terms indicates a broader and more diversified interest in the applications of onchain technology.
CryptoQuant CEO Ki Young Ju noted in a June 3 post that the use of “onchain” has gone from technical jargon to widely known. According to him, the learning phase is over and we are entering a new era in which everything will be recorded onchain, underlining the growing acceptance and adoption of this technology.
A significant development in this space was BlackRock’s institutional USD digital liquidity fund, which became the largest tokenized treasury fund on a blockchain at the end of April, managing assets worth $459.9 million.
This achievement surpasses second place, Franklin Templeton, with $357.7 million, and marks an important milestone in the tokenization of traditional financial assets.
Integration of AI and Onchain chains
In May, Ethereum layer 2 blockchain Starknet, in partnership with artificial intelligence firm Giza, announced that it will soon allow AI agents to operate on its blockchain.
These agents will be able to autonomously perform onchain activities for users, such as optimizing returns and reallocating portfolios, demonstrating the advanced integration of AI with blockchain technology.
Shortly after, GaiaNet raised $10 million for its AI infrastructure project, which aims to decentralize onchain AI agent software.
GaiaNet uses a distributed network of edge nodes controlled by individuals and companies to host AI models based on their expertise, with each node acting as an AI twin that performs tasks for its operator.
During the month of May, several analysts used onchain metrics to predict the future trajectory of Bitcoin. The crypto analyst known as ‘ELI5 of TLDR’ suggested on May 19 that five out of seven onchain metrics indicated that Bitcoin’s bull cycle could be beginning.
These metrics included Bitcoin’s MVRV Z score, Puell Multiple, and market dominance, among others.
Days later, Glassnode analysts noted that Bitcoin is preparing for a “major move” to the upside, based on the Active Supply Age Band metric, which analyzes how long it has been since Bitcoin moved onchain, according to different levels of “active offer”.
This analysis reinforces the positive perspective on the future of Bitcoin and its integration into the onchain ecosystem.
