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Messari: TON's first-quarter Telegram product revenue reached $88.5 million, with cross-chain NFT market share rising to 35.5%

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Crypto News: On June 8, Messari released the "TON Q1 2026 Report" which shows that despite a 26.4% decline in TON price during the quarter, the overall TON ecosystem remains resilient thanks to Telegram's large user base. Among them, revenue from Telegram products settled via Fragment decreased by 20.3% quarter-over-quarter to $88.5 million, while recurring income from Premium subscriptions and advertising declined only 10.5%, performing better than one-time businesses like Stars. Data indicates that driven by on-chain product demand such as Telegram usernames, phone numbers, and Gifts, TON NFT cross-chain market share grew by 130.4% quarter-over-quarter to 35.5%. In DeFi, the total value locked (TVL) denominated in USD dropped by 34.9% quarter-over-quarter, but when measured in TON, it only decreased by 11.6%. The average daily USDT transfer amount fell by 32.5% to $77 million, but the average daily transfer count remained around 73.6k transactions, showing that peer-to-peer Telegram transfers and Mini App payments are replacing large DeFi transactions. Regarding user activity, the number of daily active TON addresses decreased by 8.8% quarter-over-quarter to 90.8k, indicating no significant new user growth in Q1. However, the number of transactions per address increased from 19.2 to 21, reflecting increased engagement among existing users. After Q1, TON launched the "Make TON Great Again (MTONGA)" plan, completing four of seven measures, including launching Catchain 2.0 for sub-second finality, reducing transaction fees by about six times, and making Telegram the largest validator on TON, with staked amount reaching 2.2 million TON. Messari states that Q2 will be a critical period to observe whether infrastructure upgrades can help convert a broader Telegram user base into active TON chain users.
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