Toncoin (TON) is surging after Telegram founder Pavel Durov announced the messaging platform will replace the TON Foundation as the driving force behind the Layer 1 blockchain. TON rallied 36% in 24 hours to a four-month high of $1.80.
Durov said Telegram will become TON's largest validator, signaling a direct commitment to the network’s security and direction. The move appears to close a longstanding gap between Telegram’s narrative and the TON Foundation’s execution.
Transaction fees on TON have dropped sixfold to near zero, with most transactions moving toward a fee-less model. This is critical for high-frequency, low-value activities like on-chain tips, games, and bot payments-products Telegram can actually distribute to its near one billion monthly users.
Despite the rally, on-chain metrics remain weak. TON's total value locked in DeFi sits at just $69 million, down from $800 million highs. Daily active wallet activity is under 50,000, a fraction of 2024 peaks. The bullish move is driven by Telegram’s direct involvement, not current fundamentals.