TON price doubles after Telegram made a move critics say cuts against crypto’s core promise – Crypto News – Crypto News
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TON price doubles after Telegram made a move critics say cuts against crypto’s core promise TON price doubles after Telegram made a move critics say cuts against crypto’s core promise

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TON price doubles after Telegram made a move critics say cuts against crypto’s core promise – Crypto News

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Toncoin (TON) surged from roughly $1.32 on May 1 to an intraday high of $2.90 by May 7, pushing its market cap to approximately $7.8 billion.

The catalyst was Pavel Durov’s announcement that Telegram would replace the TON Foundation as the network’s primary driving force and become its largest validator within two to three weeks.

Alongside that, ton.org was updated to state that the domain is “controlled by MTONGA.” Traders took the combination as confirmation that TON had, in substance, become Telegram’s chain. This means being directed by the same company whose 1 billion users would determine its value.

TON surges after Durov's announcement
Toncoin climbed from $1.32 on May 1 to an intraday high of $2.90 on May 7 after Durov announced Telegram would take over TON’s governance.

In January 2025, Telegram and TON formalized exclusivity agreements that went far beyond branding.

TON became the sole blockchain infrastructure for Telegram Mini Apps, TON Connect became the required wallet-connection standard for blockchain-enabled mini apps, and Toncoin became the only cryptocurrency accepted for Telegram Stars, Premium, Ads, Gateway, and certain developer and channel-owner payouts.

Those terms gave TON a structural claim on every financial transaction running through Telegram’s platform. What the early-May post added was a governance layer on top of that commercial position.

The practical effect of the January deal became apparent only once Telegram began building the product stack to exploit it.

TON Pay launched in February 2026, institutional stablecoin access came through SCRYPT in April, embedded wallet infrastructure arrived via Dynamic and Fireblocks in late March, and sub-second finality went live on mainnet in April, cutting confirmation times from roughly ten seconds to approximately one second, with blocks arriving every 400 milliseconds.

Those releases assembled an in-app payments architecture fast enough to feel invisible inside a chat window.

Distribution, data, and more to cover

TON’s payments thesis shows that consumer crypto adoption wins by embedding inside surfaces where users already spend time. This argument becomes a product roadmap when Telegram’s 1 billion-plus active users are on that surface.

Durov’s announcement provided traders with a specific trigger, but the trade was a bet that Telegram could convert its user base into a payment network, with TON as the settlement layer.

DefiLlama showed $152.9 million in decentralized exchange volume for the seven days ended May 7, up 1,054% week-over-week, and $12.4 million in perpetuals volume over the same period, up 3,200%. App fees reached $1.48 million for a single day.

Those numbers show the distance TON still has to cover, as Solana recorded $6.37 million in app fees on a comparable day and holds $15.4 billion in stablecoins, compared with TON’s $752.5 million.

TRON, built on dollar-denominated stablecoin transfer volume, has $89.6 billion in assets. TON’s payment-rail footprint lags far behind the chains it would need to displace for the Telegram thesis to pay out at scale.

The more honest peer comparison sits closer to Sui, which shows $567.2 million in stablecoins, $120,600 in app fees per day, and over $4 billion market cap.

The difference between TON’s current on-chain scale and its Telegram-narrative valuation is what the market is pricing in Telegram’s ability to close. If Mini App payments and TON Pay generate real adoption, that premium holds.

Chain Stablecoins / assets App fees (daily) DEX volume (7d) Market cap Core narrative
TON $752.5 million $1.48 million $152.9 million ~$7.8 billion Telegram distribution bet
Solana $15.4 billion $6.37 million — — High-scale consumer/app chain
TRON $89.6 billion — — — Stablecoin transfer rail
Sui $567.2 million $120,600 — $4.03 billion Closest scale peer

The centralization problem at the center of the bull case

The uncomfortable dimension of Durov’s announcement is that the feature traders are buying runs structurally opposite to what most blockchain projects sell as their core value.

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