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Global interest in blockchain technology has soared this year, with positive regulations and tokenization leading the wave. This has led to a surge in mainstream interest in industry “tech jargon,” with the Google (NASDAQ: GOOGL) search interest for the term “onchain” hitting a new all-time high.
According to Google Trends, searches for “onchain” hit 100 toward the end of May, triple the previous record of 33 set in mid-March.
China tops the charts for “onchain” searches with a score of 100 despite the country’s anti-Bitcoin agenda. However, the Asian nation has explored and promoted blockchain applications.
As a member of BRICS, it’s weighing a blockchain-powered payment system that could eliminate the need for the United States dollar. The Chinese government has also been promoting a blockchain-based metaverse and has even set up a working group with the country’s tech giants.
Singapore, Nigeria and Hong Kong were the other countries with substantial searches for “onchain.” All three are leaders in the blockchain and digital asset world despite recent upheavals in the West African country’s digital asset sector.
One common Google search term is “onchain summer,” which refers to the Coinbase marketing campaign for its Ethereum Layer 2 network Base. The network launched last August as yet another solution to Ethereum’s scaling bottlenecks.
Despite the colorful marketing, Base can’t scale either. It started out at 16 transactions per second and has now improved to a whopping 33. Meanwhile, Bitcoin SV (BSV) is hitting 50,000 tps, and with the upcoming Teranode upgrade, it will hit a million transactions.
Beyond “onchain,” Google searches for “NFTs,” or non-fungible tokens, have been dwindling for the past year, which comes as no surprise as trading volume has been dropping for months. “Web3” searches recorded a surge in March and April but have since lost momentum.
However, blockchain is becoming increasingly popular with Securities and Exchange Commission (SEC)-registered companies. Data from The Block shows that the mention of “blockchain” in SEC filings has been increasing steadily since last December.
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