Pavel Durov's push to bring The Open Network (TON) under Telegram's direct control was meant to revive the blockchain. Several months on, on-chain and price metrics suggest the plan has yet t
Pavel Durov's push to bring The Open Network (TON) under Telegram's direct control was meant to revive the blockchain. Several months on, on-chain and price metrics suggest the plan has yet to deliver a lasting recovery for $TON.
On May 4, 2026, Pavel Durov announced Telegram would replace the TON Foundation as the primary driver of The Open Network and become its largest validator. Durov wrote that fees in TON had dropped six times, to nearly zero. The move was part of a wider plan. In April 2026, Durov began publishing a roadmap under the name Make TON Great Again, or MTONGA. It is a seven-step plan to turn the network into the main payment and application layer for Telegram's roughly one billion users.
The market reacted strongly at first. Toncoin rose to $2.89, up nearly 32% in 24 hours, and that was its highest level since Oct. 7, 2025. The takeover also reversed a long-standing separation. It undid the retreat forced by the SEC that ended the original Telegram project in 2020.
The early rally has not held. The network's total value locked (TVL) has continued to fall and is now down more than $700 million from the all-time highs set in 2024. That compares with a 2024 peak that saw TVL reach nearly $800 million that summer. The native token is also down about 41% over the past year and about 13% over the past month.
The weak on-chain picture is not new. Even during the May rally, DefiLlama data showed the network's DeFi TVL at just over $69 million, far below its 2024 high of nearly $800 million. Price gains driven by the announcement did not translate into a sustained rise in on-chain activity.
There are other factors in play. Analysts have flagged that the bullish case rests on Telegram's execution, while centralization and Durov's legal exposure add risk. Durov was arrested in France in August 2024, and the token cratered and TON's TVL fell roughly 30% in the days that followed.
The roadmap is also not complete. Four of its seven milestones had been completed, including a speed upgrade, lower fees, Telegram's validator takeover and the Gram rebrand. Durov has said the network's native currency is being renamed Gram, though $TON remains the ticker used across much of the market.
For now, the test is whether the remaining steps can convert Telegram's user base into real on-chain demand. Without a recovery in TVL and token performance, the case that the takeover has revived TON will stay hard to make.
Sources
Telegram takes back TON: Inside the 2026 takeover (crypto.news)Toncoin Surges as Telegram Takes Direct Control of TON Network (The Defiant)The Make TON Great Again roadmap: 3 steps left, explained (crypto.news)
