Record Surge in Google Search Interest for the Term ‘Onchain’ in May
In a remarkable turn of events, the term “onchain” experienced an unprecedented surge in Google search interest in the month of May, reaching its highest level ever. This information is based on data obtained from Google Trends.
For the past five years, global search interest in the term had generally remained below 25 out of 100, with a temporary spike to around 30 in March. However, between May 26 and June 1, the search interest for “onchain” skyrocketed to a perfect score of 100 on the index.
This surge in search interest reflects the increased awareness and popularity of the term, as it has transitioned from being technical jargon to common knowledge. CryptoQuant CEO Ki Young Ju stated, “Once tech jargon, ‘onchain’ is now widely known. The next step is to record everything on-chain. The learning phase is over. A new era is coming.”
According to data, Nigeria showed the highest search interest in the term over the past 30 days, followed by Afghanistan and Ethiopia.
Users who searched for “onchain” on Google also frequently explored related terms such as “onchain token,” “onchain coin,” “onchain crypto,” and “onchain summer.” The term “onchain summer” refers to a marketing slogan used by Coinbase to promote its Ethereum layer-2 network, Base.
The surge in onchain interest coincides 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 the second position with $357.7 million.
Additionally, Ethereum layer-2 blockchain Starknet announced a partnership with AI firm Giza in May, with plans to incorporate AI agents on its blockchain. These agents will autonomously perform onchain activities such as optimizing yield and reallocating portfolios.
Another project, GaiaNet, raised $10 million for its AI infrastructure initiative, aiming to decentralize AI agent software onchain. GaiaNet utilizes a distributed network of edge nodes controlled by individuals and businesses to host AI models, enabling each node to act as an AI twin carrying out tasks for its operator.
Onchain metrics have also played a role in predicting the future trajectory of Bitcoin. Analysts have used various onchain indicators to provide insights into the market. In May, pseudonymous analyst ‘ELI5 of TLDR’ suggested that five out of seven onchain metrics indicate that the Bitcoin bull run may just be getting started.
Glassnode analysts also highlighted the Supply Last Active Age Band metric, which examines the duration since Bitcoin last moved onchain based on different levels of “supply last active,” as an indication that the cryptocurrency is preparing for a significant upward movement.
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, surpassing the $15 billion mark for year-to-date inflows, reaching an all-time high.
Although the weekly volumes experienced a decline, dropping to $8 billion compared to the previous week’s $13 billion, the consistent inflows demonstrate the sustained interest in digital assets among investors.
