This Messari report leaves people with mixed feelings—The $88.5 million in Fragment revenue is a highlight, but the on-chain activity has shrunk across the board with a 34.9% decrease in TVL and a 32.5% drop in USDT transfer volume, indicating funds are leaving the market. MTONGA has completed four steps, but three are still remaining; Q1 2026 can be considered a period of pressure.

Messari report shows that TON's cross-chain NFT market share in Q1 2026 increased by 130.4% quarter-over-quarter to 35.5%, and Telegram product settlement revenue through Fragment reached $88.5 million. During the same period, TON's TVL in USD decreased by 34.9%, daily active addresses declined by 8.8%, and USDT's daily transfer volume dropped by 32.5% to $77 million. After the quarter, TON has completed 4 out of 7 measures in the MTONGA upgrade plan.