TON's Telegram product revenue reached $88.5 million in Q1 2026, maintaining stability despite a 26.4% drop in spot prices, according to Messari's report. The platform's cross-chain NFT market share surged by 130.4% to 35.5%, fueled by demand for Telegram-issued Numbers, Usernames, and Gifts. Despite a 34.9% decline in total DeFi locked value in USD terms, TON prices fell only 11.6%. Average daily USDT transfer volume dropped 32.5% to $77 million, with transactions steady at 73,600 per day. Active addresses decreased by 8.8% to 90,790, but transactions per address rose from 19.2 to 21.0, indicating higher user engagement. Telegram emerged as the largest validator, staking 2.2 million TON, as MTONA completed four of seven upgrades, achieving sub-second finality and reducing transaction fees sixfold.