DeFi activity on TON is accelerating at a breakneck pace, with Total Value Locked (TVL) jumping 20% in just 24 hours, according to DefiLlama data. The standout catalyst is STON.fi, which processed $40 million in daily swap volume after recent network upgrades—a staggering 26x surge from the previous week’s average. On-chain activity intensified to a new high, averaging one transaction every 0.73 seconds, signaling robust utility and liquidity. This momentum aligns with the “MTONGA” scaling vision backed by Pavel Durov and points to growing institutional interest.
In a parallel and even more transformative development, Telegram has moved to replace the TON Foundation as the primary driving force behind the blockchain, as announced by Durov. The news sent Toncoin (TON) surging from $1.37 to $1.84 within hours, triggering a 600% spike in trading volume to over $630 million and pushing market capitalization to approximately $4.5 billion. Telegram also plans to become the largest validator on the network, directly centralizing governance and linking its vast user base of nearly 950 million monthly active users to the blockchain.
The technical and economic implications are profound. Transaction fees have fallen sixfold, approaching near-zero levels, while the TON v4 upgrade supports over 100,000 transactions per second. Telegram’s advertising system already uses Toncoin for payments; advertisers must purchase placements with TON, and channel owners receive half of the ad revenue, creating continuous demand. Additionally, Durov reportedly invested $5 million into TON liquidity pools, further reinforcing alignment between the messaging giant and the blockchain.
Ecosystem tokens reacted explosively. The combined market value of meme tokens on TON surged more than 60% in a single day. Notcoin (NOT) gained over 20%, while Dogs (DOGS) soared more than 90%, with smaller tokens recording triple-digit gains. Toncoin later stabilized near $1.44 with trading activity still more than double pre-announcement levels. The network processed around 1.5 billion transactions in Q1 2026, and developers anticipate further upgrades to improve scalability and Telegram integration.
Analysts argue the governance shift creates structural adoption pressure not previously priced in, as Telegram’s massive user base and revenue streams become tightly interwoven with TON’s blockchain activity. While initial euphoria has cooled slightly, the market remains watchful to see if the integration can sustain momentum or fades after the initial excitement.
