State of TON Q1 2026

State of TON Q1 2026

Key Update: TON delivered Q1 data behind Telegram's distribution thesis (the conversion of Telegram's 950M+ MAU into TON users), with $88.5M in Fragment-settled Telegram-product revenue holding through a 26.4% spot price drop and cross-chain NFT share rising to 35.5% on Telegram-issued product demand.

@ton_blockchain @telegram

QoQ Metrics📊

-NFT cross-chain market share ↑ 130.4% to 35.5% as Telegram-issued Numbers, Usernames, and Gifts drove utility-based demand

-Fragment-settled Telegram-product revenue ↓ 20.3% to $88.5M, with recurring revenue (Premium + Ads) ↓ only 10.5% vs discretionary Stars ↓ 30.7%

-DeFi TVL ↓ 34.9% in USD vs only 11.6% in native TON-denominated terms

-USDT transfer volume ↓ 32.5% to $77.0M daily average, with transfer count holding flat at 73,600/day as P2P Telegram transfers and Mini App flows replaced higher-value DeFi routing

-Daily active addresses ↓ 8.8% to 90,790 daily average, signaling Q1 lacked a meaningful user-acquisition surge

Post-quarter, MTONGA (Make TON Great Again) shipped four of seven announced steps, bringing sub-second finality via Catchain 2.0, a 6x transaction fee reduction, and Telegram becoming TON's largest validator with 2.2M TON staked.

Despite the DAA decline, transactions per address rose from 19.2 to 21.0 QoQ, pointing to existing users engaging more intensively as Telegram's product economy converted.

Q2 will test whether MTONGA's post-period infrastructure converts Telegram's broader user base into TON activity at scale.