May Sees Record Surge in Google Search Interest for ‘Onchain’ Term

cryptonews.com:

In May, the term “onchain” witnessed an unprecedented surge in Google search interest, reaching an all-time high, as indicated by data from Google Trends.

Over the past five years, global search interest for the term had mostly 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.

The increased awareness and popularity of the term reflect its evolution from tech jargon to widespread knowledge.

“Once tech jargon, ‘on-chain’ is now widely known. The next step is to record everything on-chain. The learning phase is over. A new era is coming,” CryptoQuant CEO Ki Young Ju said.

Once tech jargon, 'on-chain' is now widely known. The next step is to record everything on-chain. The learning phase is over. A new era is coming. pic.twitter.com/LhXQ7ncqwl

— Ki Young Ju (@ki_young_ju) June 3, 2024

Data reveals that Nigeria exhibited 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 last term refers to a marketing slogan employed by Coinbase to promote its Ethereum layer-2 network, Base.

The surge in onchain interest corresponds to significant developments in the field.

For instance, 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 achievement surpassed Franklin Templeton, which held the second position with $357.7 million.

Furthermore, Ethereum layer-2