TON-Based NFT Marketplace Fragment Overtakes Hyperliquid in 24h Revenue
An underdog just pulled off a revenue coup—and it's not on Ethereum.
The TON Network's NFT marketplace Fragment just flipped Hyperliquid in 24-hour revenue, a move that caught many in DeFi watching. This isn't just a blip; it's a signal that alternative Layer 1 ecosystems are building serious, revenue-generating applications while the old guard debates fee structures.
How a Telegram-Backed Platform Outmaneuvered a DeFi Giant
Fragment's surge didn't happen in a vacuum. Built on The Open Network (TON) and deeply integrated with Telegram, it bypasses the traditional discovery and onboarding friction that plagues other NFT platforms. Users aren't hopping between wallets and websites—they're trading digital collectibles within the messaging app they already live in. That distribution advantage is turning into cold, hard revenue, proving that seamless access can trump pure financial engineering.
The Revenue Flip: What the Numbers Tell Us
The 24-hour revenue metric is a brutal, real-time scoreboard. For Fragment to top Hyperliquid—a platform focused on perpetual swaps and sophisticated derivatives—means consumer-facing NFTs on a social app are, for this moment, a more lucrative business than leveraged crypto trading. It highlights a diversification of value capture in crypto, where entertainment and social capital can compete with raw speculation. One cynical take? It's a welcome reminder that in crypto, sometimes the simplest, most-used product wins, while complex financial instruments are left optimizing for a shrinking pool of degens.
This shift is more than a headline. It pressures other NFT marketplaces to rethink their models and shows Layer 1s like TON that fostering native, utility-driven apps pays off. The race isn't just about TVL or transactions anymore—it's about which chain can host the businesses that actually make money. For now, Fragment has the bragging rights, and the rest of the market is playing catch-up.
The rise in Fragment’s revenue
Fragment recorded $7.08 million in revenue over the past week and $36.97 million over the past 30 days, according to DefiLlama. The marketplace has become a key driver of TON’s on-chain activity, boosted by its integration into Telegram’s broader service ecosystem.
Hyperliquid, meanwhile, remains a top derivatives venue with DEEP liquidity and performance but allocates 99% of its fees to its Assistance Fund. This means its on-paper protocol revenue appears lower despite high user activity.
Even so, Fragment outperformed Hyperliquid in daily revenue for the first time, an uncommon feat in a market where derivatives exchanges typically dominate fee generation.
Fragment’s surge is notable when compared to crypto’s largest earners; Tether, which has $23.65 million in 24h revenue from USDT reserve yields, while Circle has $8.18 million in 24h revenue from its USDC-backed products.
While Fragment’s numbers are far smaller, topping Hyperliquid underscores how NFT-driven consumer activity can temporarily rival trading protocols when momentum spikes.
Is NFT season back?
NFT markets have shown signs of revival. Daily NFT market cap ROSE 33% in 24 hours, while sales increased nearly 50%, signaling renewed trader interest.
Collections such as Froganas (Solana), fwogs (Ethereum), and Nakamigos (Ethereum) are leading daily volumes as collectors search for early momentum plays.
Even pop culture is feeding the trend. MMA fighters Conor McGregor and Khabib Nurmagomedov recently reignited their rivalry on X after an NFT sale sparked accusations of scams, adding mainstream attention to an already-heating NFT market.
Let’s keep watching
TON’s surging marketplace activity and the broader revival in NFT trading suggest a shifting market environment where digital collectibles are regaining investor attention.
With Fragment’s growth and new collections driving fresh liquidity, TON-based projects continue to stand out in the current cycle.
Also read: Sorare Lays Off 35% of Staff, CTO Steps Back as NFT Boom Fades
