Key Highlights
- Fragment generated $2.83M in 24h revenue, surpassing Hyperliquid and other major DeFi platforms.
- TON-based NFT activity is increasing as marketwide sales jump nearly 50%.
- NFT collections like Froganas and fwogs lead a broader sector resurgence.
Fragment, the TON-based NFT marketplace and collectibles platform, has surged to the top of DefiLlama’s revenue rankings after generating $2.83 million in 24 hours.
The spike pushed it ahead of Hyperliquid, the decentralized perpetuals exchange, which posted $2.25 million over the same period. Fragment now ranks as the third-highest fee-generating platform after Tether and Circle. The jump marks one of Fragment’s strongest days to date, reflecting rising activity across TON’s NFT ecosystem.
Fragment enables anonymous peer-to-peer NFT trades, public auctions, and purchases of services like Telegram usernames, numbers, and subscriptions. Its rapid rise reflects growing demand for TON-native NFTs amid a broader market rebound.
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
