As a researcher with a background in blockchain technology and cryptocurrency markets, I find the recent surge in “onchain” search interest to be an exciting development. This trend has been building for some time, but it seems that we have reached a tipping point where the term is becoming widely known and adopted.
In May, the curiosity surrounding “onchain” searches peaked historically, recording a score of 100 on Google Trends between May 26 and June 1. Prior to this, global interest had largely remained below 25 for the preceding five years, with a slight increase observed in March.
Ki Young Ju, the CEO of CryptoQuant, commented on this development, expressing “The technical term ‘on-chain’ has gone mainstream. The next stage involves recording all transactions on the blockchain. The learning process is complete. We’re entering a new epoch.”
Over the past month, Nigeria, Afghanistan, and Ethiopia have demonstrated a notable surge in queries related to “onchain tokens,” “onchain coins,” “onchain cryptocurrencies,” and “onchain summer.”
The phrase “onchain summer” is a marketing term coined by Coinbase for their Ethereum layer-2 network, called Base. According to Jesse Pollak, one of its creators, the term “onchain” outperformed other crypto-related labels in consumer testing. In simpler terms, people preferred the term “onchain” when it came to understanding and engaging with Base during market research.
As an analyst, I would rephrase it as follows: In late April, I observed that BlackRock’s USD Institutional Digital Liquidity Fund had taken the lead among treasury funds tokenized on a blockchain, with assets under management amounting to $459.9 million. This figure surpassed Franklin Templeton’s fund, which managed $357.7 million at that time.
In May, the Ethereum layer-2 blockchain Starknet teamed up with AI company Giza. Now, AI agents can carry out transactions on the platform for users, enhancing functionalities such as optimizing returns and adjusting investment portfolios.
I, as an analyst, would like to highlight that GaiaNet successfully secured $10 million in funding for its initiative to construct a decentralized artificial intelligence (AI) infrastructure using blockchain technology. In this setup, GaiaNet leverages a network of edge nodes where AI models are deployed and function as autonomous counterparts, carrying out tasks on behalf of their respective operators.
In early May, on-chain data presented an optimistic outlook for Bitcoin. Specifically, on May 19th, the anonymous cryptocurrency analyst ‘ELI5 of TLDR’ pointed out that five out of seven relevant on-chain indicators suggested the possibility of an upcoming Bitcoin bull market.
In the future, according to Glassnode analysis, the Bitcoins that last moved in the Supply Last Active Age Band indicator were signaling an impending price increase. This metric measures the length of time since these Bitcoins have been active on the blockchain.
The increasing buzz and advancements surrounding on-chain activities suggest a rising acceptance and comprehension of blockchain technology among the public.
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2024-06-04 08:04