The surge in onchain interest peaked between May 26 and June 1, reaching a score of 100 on the Google Trends index. This surge marked a significant increase compared to the past five years, during which onchain search interest remained below 25 globally, with a minor spike in March.

Source : Google Trends

Ki Young Ju, the CEO of CryptoQuant, commented on this rising trend, stating that 'on-chain,' once merely technical jargon, has now become widely recognized. He emphasized the need to record everything on-chain, signaling the end of the learning phase and the dawn of a new era.

Nigeria, Afghanistan, and Ethiopia displayed the highest interest in the term 'onchain' in the last 30 days. Common associated searches included 'onchain token,' 'onchain coin,' 'onchain crypto,' and 'onchain summer.' The term 'onchain summer' serves as a promotional slogan for Coinbase's Ethereum layer-2 network, Base. Jesse Pollak, the creator of Base, highlighted that 'onchain' resonates better with consumers in crypto-related contexts than other terms.

In a notable development in late April, BlackRock's USD Institutional Digital Liquidity Fund emerged as the largest treasury fund tokenized on a blockchain. With assets under management totaling $459.9 million, it surpassed Franklin Templeton's $357.7 million fund.

During May, the Ethereum layer-2 blockchain Starknet collaborated with the AI firm Giza to enable AI agents to execute onchain activities for users, such as yield optimization and portfolio reallocation.

Another significant event was GaiaNet raising $10 million for its AI infrastructure project aimed at decentralizing AI agent software onchain. GaiaNet employs a network of edge nodes to host AI models, with each node functioning as an AI twin to carry out tasks for its controller.

Onchain metrics in May painted a positive outlook for Bitcoin. In a post on May 19, the pseudonymous crypto analyst 'ELI5 of TLDR' indicated that five out of seven onchain metrics suggest the possible commencement of a Bitcoin bull run. Subsequently, analysts from Glassnode predicted a substantial uptrend for Bitcoin, citing the Supply Last Active Age Band metric that measures the duration Bitcoin remains on-chain without movement.

The rising interest in onchain activities and the progress in blockchain technology indicate an increasing adoption and comprehension of blockchain technology across various industries and regions.