The popularity of the term “onchain” reached its peak in May, as indicated by Google Trends data. In the past five years, global search interest for the term remained relatively low, with a temporary increase in March. However, between May 26 and June 1, search interest skyrocketed to 100 on the index.
Nigeria emerged as the country with the highest interest in the term over the past month, followed by Afghanistan and Ethiopia. Users searching for “onchain” on Google also frequently looked for related terms such as “onchain token,” “onchain coin,” “onchain crypto,” and “onchain summer,” which is a slogan used to promote Coinbase’s Ethereum layer-2 network Base.
According to Jesse Pollak, the creator of Base, “onchain” outperforms any other word commonly used in the crypto industry in consumer testing.
So, what developments are taking place onchain? Let’s take a look:
1. Biggest On-Chain Tokenized Treasury Fund:
The BlackRock USD Institutional Digital Liquidity Fund, which is worth $459.9 million, became the largest treasury fund tokenized on a blockchain in late April. It surpassed Franklin Templeton, which holds assets worth $357.7 million.
2. StarkWare and GaiaNet Bringing AI Agents On-Chain:
In May, Ethereum layer-2 blockchain Starknet announced a partnership with AI firm Giza to introduce AI agents on its blockchain. These agents will autonomously perform onchain activities for users, such as optimizing yield and reallocating portfolios. Additionally, GaiaNet raised $10 million to decentralize AI agent software onchain. Their project utilizes a distributed network of edge nodes controlled by individuals and businesses to host AI models based on their expertise.
3. Onchain Metrics and Bitcoin’s Future:
During May, various analysts utilized onchain metrics to forecast the future trajectory of Bitcoin (BTC). One 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. Glassnode analysts also predicted a significant upward movement for Bitcoin, citing the Supply Last Active Age Band metric, which analyzes the time since Bitcoin’s last on-chain movement based on different supply levels.
In conclusion, the widespread interest in the term “onchain” reflects the growing awareness and adoption of blockchain technology. Exciting developments, such as the tokenization of treasury funds and the integration of AI agents onchain, demonstrate the potential for innovation and advancement in this space. Additionally, onchain metrics are being used to gain insights into the future of cryptocurrencies like Bitcoin. The era of recording everything onchain is dawning, marking a new phase in the industry’s evolution.