Google Trends data shows that in May, search interest for the phrase “onchain” shot to an all-time high.

Surge in Global Interest

Globally, search interest in the phrase stayed primarily under 25 out of 100 during the last five years, with a slight increase to approximately 30 in March. However, search activity in “onchain” peaked at 100 on the index between May 26 and June 1.

“On-chain” was originally only tech jargon, but it is now somewhat well-known. Recording everything on-chain comes right next. The era of learning has ended. A new era is coming,” CryptoQuant CEO Ki Young Ju remarked in a June 3 post on X.

According to data, over the past 30 days, Nigeria has exhibited the highest interest in the word; Afghanistan and Ethiopia come in second. Users who search the question on Google also regularly search for the phrases “onchain token,” “onchain coin,” “onchain crypto,” and “onchain summer”—the latter is a slogan employed to help sell Coinbase’s Ethereum layer-2 network base.

Base’s founder, Jesse Pollak, observed in March that the phrase “onchain” performs better in consumer testing than any other term people use for crypto.

Notable Onchain Developments

What then is occurring onchain currently?

In late April, the BlackRock USD Institutional Digital Liquidity Fund became the largest Treasury fund to be tokenized on a blockchain. Currently under administration, the fund boasts assets of $459.9 million, surpassing second-place Franklin Templeton at $357.7 million.

May saw Ethereum layer-2 blockchain development. In collaboration with AI company Giza, Starknet stated it will soon let AI agents on its blockchain independently carry onchain tasks for customers, including re-allocating portfolios and maximizing return.

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Weeks later, GaiaNet secured $10 million for its AI infrastructure initiative, which seeks to distribute AI agent software onchain. With each node operating as an artificial intelligence twin doing duties for its operator, GaiaNet hosts AI models based on knowledge via a distributed network of edge nodes managed by people and companies.

In May, several analysts projected Bitcoin’s future course using onchain data. Five out of seven onchain indicators now indicate that the Bitcoin bull run may just be getting started, according to pseudonymous crypto expert “ELI5 of TLDR” on May 19. The measures included the Puell Multiple, market dominance, and the Bitcoin MVRV Z score, among others.

Based on the Supply Last Active Age Band metric—which looks at how long it has been since Bitcoin has moved on-chain depending on various degrees of “supply last active”—Glassnode experts speculated days later that Bitcoin is getting ready for a “bigger move” to the upside.