Messari said Fragment-settled Telegram revenue held at $88.5 million as NFT share climbed, while post-quarter MTONGA upgrades brought sub-second finality and Telegram became TON’s largest validator with 2.2 million TON staked.
TON posted a mixed first quarter of 2026, with Messari saying cross-chain NFT market share surged 130.4% quarter over quarter to 35.5% and Telegram product revenue settled through Fragment held at $88.5 million despite a 26.4% spot-price drop. DeFi TVL fell 34.9% in USD terms, average daily active addresses slipped 8.8% to 90,790, and average daily USDT transfer volume declined 32.5% to $77 million. After the quarter ended, MTONGA completed four of seven upgrades, enabling sub-second finality and sixfold lower fees, while Telegram became TON’s largest validator with 2.2 million TON staked.