Messari: TON Q1 Telegram Product Revenue Reaches $88.5 Million, Cross-Chain NFT Market Share Rises to 35.5%

BlockBeats News, June 8th, Messari released the "TON Q1 2026 Report", showing that despite a 26.4% quarterly price decrease, the overall TON ecosystem remains resilient thanks to Telegram's large user base. Specifically, revenue from Telegram products settled through Fragment decreased by 20.3% to $88.5 million, while recurring revenue from Premium subscriptions and ads only dropped by 10.5%, outperforming non-recurring businesses like Stars.

The data indicates that driven by demand for Telegram usernames, numbers, and Gifts, the TON NFT cross-chain market share grew by 130.4% quarter-over-quarter, reaching 35.5%.

On the DeFi front, the total value locked (TVL) in USD terms decreased by 34.9% compared to the previous quarter, but when calculated in TON, it only dropped by 11.6%. The daily average USDT transfer volume decreased by 32.5% to $77 million, however, the daily average number of transfers remained at around 73,600, indicating that peer-to-peer Telegram transfers and Mini App payments are replacing large DeFi transactions.

In terms of user activity, the daily active TON addresses decreased by 8.8% to 90,800, indicating no significant new user growth in the first quarter. However, the number of transactions per single address increased from 19.2 times to 21 times, reflecting increased engagement from existing users.

At the end of the first quarter, out of the seven measures in the "Make TON Great Again (MTONGA)" plan launched by TON, four have been completed, including the launch of Catchain 2.0 to achieve sub-second finality, reducing transaction fees by about six times, and making Telegram the largest validator for TON, with the current staking reaching 2.2 million TON.

Messari stated that the second quarter will be a critical observation period to test whether infrastructure upgrades can drive a large-scale conversion of Telegram's broader user base into active TON on-chain users.