With 950 million monthly active users, Telegram is one of the world's largest messaging apps. In May 2026, Telegram became the largest validator for its own blockchain, "TON (The Open Network)," and founder Pavel Durov himself is spearheading a 7-stage roadmap called "MTONGA" (Make TON Great Again).

TON (Toncoin) is the native token of Telegram's blockchain, serving as the infrastructure for payments, wallets, and DeFi within mini-apps. This article explains the mechanics of TON, its relationship with Telegram, the latest developments as of May 2026, and how to trade it on WEEX.

What is TON (Toncoin)?

Official Name: The Open Network

Established: 2018 (developed by Telegram) → Independent community continuation in 2020 → Designated as Telegram's official mini-app blockchain in January 2025

Consensus: Proof of Stake (PoS)

Max Supply: No limit (inflation rate is approximately 0.6% annually, rising to approximately 3.6% after Catchain 2.0; adjustments planned via validator vote in June)

Current Price: Approximately $2.2–$2.5 (as of May 2026) · ATH: $8.25 (2024)

Market Cap: Approximately $5.6–$6.5 billion · Top 20 on CoinGecko

Primary Use Cases: Telegram Stars, Premium, advertising, and the sole non-fiat payment method within mini-apps

The digital currency within Telegram, "Stars," is used for in-app purchases and tips for creators, but creators and channel owners can convert Stars into TON via Fragment. Advertisers also purchase Telegram ad space using TON, and channel owners receive 50% of revenue in TON, with expansion via Stars planned for the third quarter of 2026. The system is designed to generate structural buying demand for TON as the ad economy via Stars grows.

The Relationship Between Telegram and TON

TON was originally conceived and developed by Telegram in 2018. At the time, Telegram conducted a $1.7 billion ICO, but after being sued by the U.S. Securities and Exchange Commission (SEC) for securities law violations, the project was abandoned in 2020. Telegram open-sourced the code and withdrew.

Subsequently, independent community developers relaunched it as "The Open Network." While Telegram and TON were officially separate organizations, a de facto integration began in January 2025 when Telegram designated TON as the official blockchain for its mini-app ecosystem.

Then, on May 4, 2026, Durov announced that Telegram would replace the TON Foundation as the network's primary driver and become its largest validator. It marks the founder's return to the blockchain he created six years ago.

What is the MTONGA Roadmap?

MTONGA stands for "Make TON Great Again," a 7-stage technical improvement roadmap for TON announced by Durov. It has been implemented rapidly since the start of 2026.

Key Developments in 2026

Rakuten Wallet lists TON (April 15, 2026)

Rakuten Wallet, the crypto asset trading service of Japan's major e-commerce group Rakuten, listed TON on April 15, 2026, shortly after the launch of Catchain 2.0. This signifies that TON has met Japan's strict regulatory environment and high technical reliability standards, opening a path for domestic retail investors to access TON in a compliant environment.

Ecosystem metrics at 2026 highs; USDT on TON exceeds $500 million

Monthly transactions in Q1 2026 reached approximately 67 million, a record high for the year. TVL has reached $1.2 billion. Notably, Tether officially supports TON, and the USDT balance on the TON network has surpassed $500 million. With an environment where 900 million Telegram users can exchange USDT as easily as sending messages, TON has proven its utility as a "remittance infrastructure" rather than just a meme. Games within mini-apps (Notcoin, DOGS, Hamster Kombat 2.0, etc.) are driving on-chain activity and serving as an entry point for non-crypto users.

Telegram Wallet perp trading volume exceeds $1 billion

Futures trading volume within the built-in Telegram wallet has exceeded $1 billion per month. The experience of being able to trade futures directly within a messaging app demonstrates a new model for the mass adoption of crypto assets.

Sequoia, Ribbit, and Benchmark commit $400 million

AlphaTON (TON's treasury company) has secured $400 million in commitments from Sequoia Capital, Ribbit, and Benchmark. An inventory registration of $420.69 million has also been made, with plans to allocate funds toward investments in the mini-app ecosystem and the COCOON AI network.

Risks and Considerations

Centralization Risk: With Telegram becoming the largest validator and holding management rights to ton.org, dependence on Telegram has increased, even if the technology is decentralized. There is a risk that Telegram's business decisions or Durov's legal situation could directly impact TON's governance.

Durov's Legal Issues: The criminal case in France remains unresolved as of May 2026. Additionally, Russia has initiated separate criminal proceedings against Durov and has restricted Telegram traffic within the country to 55%. Changes in Telegram's legal and regulatory environment could affect the TON ecosystem.

Rising Inflation: Faster block generation with Catchain 2.0 has increased the annual inflation rate from approximately 0.6% to approximately 3.6%. While an adjustment to block rewards is planned for the validator vote in June 2026, the results could impact token value.

Summary

Backed by 950 million Telegram users, TON (Toncoin) is a blockchain serving as the infrastructure for mini-apps, wallets, and DeFi. 2026 has been a year marked by technical, institutional, and Japanese market entry milestones, including Catchain 2.0, a 6-fold fee reduction, Telegram becoming a validator, and the listing on Rakuten Wallet. While Durov's legal issues and the risk of concentration in Telegram require ongoing monitoring, TON's presence is growing as the MTONGA roadmap continues to be executed. On WEEX, you can trade both TON/USDT spot and TONUSDT futures.

Frequently Asked Questions

Q. Are TON and Telegram operated by the same company?

Strictly speaking, no. TON is a blockchain operated by The Open Network (an independent non-profit foundation). However, after Telegram designated TON as the official blockchain for mini-apps in January 2025 and became the largest validator in May 2026, it is effectively led by Telegram. While Telegram CEO Durov publicly promotes it, they are separate legal entities.

Q. Does MTONGA refer to the MTONGA token?

No. MTONGA stands for "Make TON Great Again," which is the technical improvement roadmap for TON announced by Durov. While there is a meme token named MTONGA, it is a speculative token unrelated to the TON network itself. TON trading on WEEX refers to Toncoin (TON).

Q. If I can buy TON on Rakuten Wallet, is there a need to buy it on WEEX?

Rakuten Wallet supports spot trading, but WEEX allows you to use both spot and futures trading for TON. With futures, you can trade price movements linked to the progress of the MTONGA roadmap or news by going long or short. Additionally, while Rakuten Wallet is only available in Japanese Yen, WEEX allows trading in USDT, providing access to global liquidity.

Disclaimer

WEEX and its affiliates provide digital asset exchange services, including derivatives and margin trading, only to eligible users in legally permitted jurisdictions. This content is for general information purposes only and does not constitute investment advice. Please consult with a professional before trading. Crypto asset trading carries high risk, and you may lose all invested funds. By using WEEX services, you are deemed to have agreed to all relevant risks, Terms of Service, and Risk Disclosure. Please invest based on your own judgment and within your means.