The term “onchain” reached a significant milestone in May, as it garnered the highest level of interest according to Google Trends. This surge in curiosity reflects the growing fascination and engagement with blockchain technologies and cryptocurrencies.
Over the past five years, interest in the term “onchain” has fluctuated, mostly remaining below 25 points on the Google Trends scale, which ranges up to 100. There was a slight increase in March, reaching around 30 points, but it was between May 26 and June 1st that interest skyrocketed to 100, setting a new record for the term on Google.
This remarkable increase can be attributed to several significant developments in the sector. In late April, BlackRock’s USD Institutional Digital Liquidity fund (NYSE: BLK) became the largest tokenized treasury on the blockchain. With assets under management reaching US$459.9 million, the fund surpassed Franklin Templeton’s US$357.7 million, marking a significant milestone in the integration of traditional finance and blockchain technology, promoting transparency and liquidity.
What was once considered tech jargon, “on-chain,” is now widely recognized. The next step is to record everything on-chain. The learning phase has concluded, and a new era is dawning. [Image: ]
Furthermore, in May, Starknet, a layer 2 Ethereum (ETH) blockchain, partnered with artificial intelligence company Giza to incorporate AI agents into its network. These agents will autonomously perform on-chain tasks, such as yield optimization and portfolio reallocation, bringing a new level of efficiency and automation to blockchain operations.
Another event that contributed to the surge in interest was the launch of the Ordinals protocol and the subsequent popularization of Bitcoin-based NFTs. One notable example is the OnChain Monkey NFT collection, which consists of 10,000 Ethereum NFT profile images that utilized ordinals to register all of its artwork on the Bitcoin blockchain in 2021.
The growing interest in onchain is also driven by the increasing recognition of onchain metrics as essential tools for analyzing and predicting future movements in Bitcoin (BTC).
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The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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