- Since the beginning of 2024, the search interest score has increased five times, from about 19 to an all-time high of 100 in recent weeks.
- Below is an excerpt taken from The Block’s Data and Insights newsletter.
The volume of Google searches for “onchain” is reaching previously unheard-of levels, indicating a growing public interest in blockchain technology. Since the beginning of 2024, the search interest score has increased five times, from about 19 to an all-time high of 100 in recent weeks.
The record-breaking trading volume ratios between DEX and CEX align with this milestone.
Although striking, it’s important to remember that search traffic doesn’t usually correspond with market success or adoption, indicating that real blockchain usage may still increase.
The current onchain summer promotion from Coinbase may intensify this tendency even more and raise the search volume to unprecedented levels.
With Coinbase being one of the biggest and most well-known cryptocurrency exchanges, its support of on-chain initiatives may help millions of ordinary investors learn about the idea, which might spark a long-term interest and increase in search volume from its over 10 million active users.
The interest in blockchain is changing, with some fascinating new directions:
- With the volume ratio of DEX (decentralized exchanges) to CEX (centralized exchanges) reaching an all-time high of 13.76% in July, DeFi is still in the lead.
- Other noteworthy apps are social media sites with blockchain architecture, such as Farcaster, which have shown a significant increase in user activity, suggesting that interest is not limited to financial apps.
Blockchain technologies are becoming more and more popular for a variety of reasons. While expanding incentives like airdrops and payout chances are drawing more participants, improved user experiences have made interactions more approachable for novices. A wider range of functionalities are also available in the growing ecosystem of decentralized applications, meeting the needs of a diversified user base.
But there are obstacles in the way of the expansion. Risks associated with smart contracts are still there since sophisticated coding flaws could result in large losses. Regulatory uncertainty also looms because regulators may become more scrutinizing as a result of increasing public attention.
We are witnessing a reassessment of data ownership and interaction patterns as decentralized apps continue to gain popularity. The rivalry between decentralized and centralized solutions spurs innovation throughout the whole technology ecosystem, giving consumers more options and better services in the end.
It will be fascinating to observe in the future whether this increased interest results in long-term growth or if it is just a transient surge brought on by speculative users.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
