Messari releases TON Q1 report: NFT market share surges 130% against the trend, MTONGA upgrades to become the biggest catalyst

Renowned blockchain research organization Messari recently released the report "State of The Open Network Q1 2026." The report points out that despite the crypto market experiencing a dollar-denominated contraction in the first quarter, the TON network demonstrated strong resilience through deep integration with the Telegram ecosystem, especially in native metrics and functional NFTs. Additionally, the "MTONGA" project aimed at upgrading network performance has become a key catalyst for ecosystem development.
(Background: Toncoin officially renamed to "GRAM"! 81% of the TON community supports returning to the original purpose, with the official urging: No migration needed, beware of scams)
(Additional background: Toncoin announced it will rename the token back to "$Gram"! Pavel Durov: The 4th step to making TON great again)

Table of Contents

Toggle

• MTONGA upgrade and advantages of high decentralization
• NFT market share surges, Telegram native applications generate revenue
• Stablecoins and DeFi development status

Renowned crypto asset research firm Messari recently published an in-depth report titled "State of The Open Network Q1 2026," providing a comprehensive analysis of TON network developments in the first quarter of this year. The report notes that although the overall crypto market contracted in dollar terms during the first quarter, TON, with its Telegram ecosystem of over 950 million users, charted a consumer-oriented path distinct from the traditional "decentralized finance (DeFi) speculative chain."

MTONGA upgrade and advantages of high decentralization

The report views the "MTONGA (Make TON Great Again)" plan launched after the quarter as a crucial catalyst for ecosystem growth. The plan encompasses three key steps: launching Catchain 2.0 to achieve sub-second finality, reducing transaction fees by 6 times, and officially making Telegram the network’s largest validator.

However, the performance improvements come with an increase in network inflation from 0.6% to 3.6%. Despite this, TON’s proof-of-stake (PoS) validator nodes remain highly decentralized, with a Nakamoto coefficient of 77, ranking among the top in major public blockchains. This allows large institutions holding 8.9% of circulating supply (such as publicly listed companies like TON Strategy Company) to participate in the ecosystem without compromising decentralization.

NFT market share surges, Telegram native applications generate revenue

In the non-fungible token (NFT) space, TON has shown explosive growth. While other blockchains’ NFT trading volumes declined by over 50%, TON’s NFT market share increased QoQ by 130.4% in the first quarter, reaching 35.5%, making it the only major blockchain to grow against the trend. Messari’s analysis attributes this to TON’s NFT assets mainly being practical consumer products within Telegram (such as virtual numbers, usernames, and gifts), which are less affected by crypto market speculation cycles.

Moreover, the revenue-generating capacity of Telegram’s native ecosystem is notable. In the first quarter, on-chain application revenue reached $118.1 million, with the largest contributor being the Fragment platform, generating $60 million. Breaking down further, Stars contributed $34 million, Telegram ads brought in $27.7 million, and premium subscriptions accounted for $14.1 million. These recurring revenues provide TON with relatively stable cash flow independent of crypto market cycles.

Stablecoins and DeFi development status

Regarding stablecoins, by the end of Q1, the total market cap of stablecoins on the TON network was $727.7 million, down 24.3% QoQ. USDT remains dominant with a 76.3% market share, although its supply decreased from $762.8 million to $555.3 million. The second-largest stablecoin is USDe (Ethena), which offers native yield, with a market cap of approximately $171.8 million.

In DeFi, total value locked (TVL) dropped to $56.1 million (a 34.9% QoQ decrease in USD terms, but only an 11.6% decline in native token terms). Liquidity staking (LST) remains the largest DeFi category, with a TVL of $79.6 million, dominated by Tonstakers with a 74.5% market share. Messari summarizes that DeFi is still a supporting layer within the TON ecosystem; the network’s true moat continues to be its deep integration with Telegram’s vast user base. Whether the upcoming MTONGA upgrade can successfully translate into user growth and fee revenue will be a key focus moving forward.