The term "onchain" has reached unprecedented levels of interest on Google, with search interest hitting an all-time high in May, according to Google Trends data. Over the past five years, the term's popularity hovered mostly under 25 out of 100, with a brief surge to around 30 in March. However, between May 26 and June 1, search interest soared to 100, marking a significant milestone in public interest.

CryptoQuant CEO Ki Young Ju highlighted this surge in a June 3 post on X, stating, “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.”

Data reveals that Nigeria leads in search interest for "onchain" over the past 30 days, followed by Afghanistan and Ethiopia. Users who searched for "onchain" also looked up related terms such as “onchain token,” “onchain coin,” “onchain crypto,” and “onchain summer.” The latter term is associated with marketing efforts for Coinbase’s Ethereum layer-2 network, Base.

Jesse Pollak, the creator of Base, noted in March that “onchain” performs better in consumer testing than any other term used for crypto, indicating a growing public familiarity and acceptance of the concept.

Significant Onchain Developments

Several notable developments have occurred onchain, highlighting the technology's growing importance and application:

1. BlackRock USD Institutional Digital Liquidity Fund: In late April, this fund became the largest treasury fund tokenized on a blockchain, with assets under management of $459.9 million, surpassing Franklin Templeton's $357.7 million.

2. Starknet and AI Integration: In May, the Ethereum layer-2 blockchain Starknet, in collaboration with AI firm Giza, announced plans to enable AI agents on its blockchain. These agents will autonomously perform onchain activities for users, such as optimizing yield and reallocating portfolios.

3. GaiaNet’s AI Infrastructure Project: GaiaNet raised $10 million for its project aimed at decentralizing AI agent software onchain. The project uses a network of edge nodes controlled by individuals and businesses to host AI models, with each node acting as an AI twin performing tasks for its operator.

Onchain Metrics and Bitcoin Predictions

Analysts have increasingly used onchain metrics to forecast Bitcoin's future trajectory:

- May 19 Analysis: The pseudonymous crypto analyst ‘ELI5 of TLDR’ suggested that five out of seven onchain metrics indicate that a Bitcoin bull run may just be starting. Key metrics included the Bitcoin MVRV Z score, Puell Multiple, and market dominance.
- Glassnode's Prediction: Days later, Glassnode analysts proposed that Bitcoin is gearing up for a “bigger move” to the upside. They cited the Supply Last Active Age Band metric, which measures the duration since Bitcoin has moved on-chain across different supply levels.

The surge in interest for "onchain" and the advancements in blockchain technology underscore a significant shift towards broader adoption and integration of onchain activities. As Ki Young Ju aptly put it, the learning phase is over, and a new era of recording and utilizing everything on-chain is upon us.