In the ever-volatile world of decentralized finance, where fortunes can flip faster than a meme coin pump, a surprising contender has just clawed its way to the top. According to fresh data from DeFiLlama, Fragment, the powerhouse NFT marketplace on the TON blockchain, has overtaken Hyperliquid in 24-hour revenue, raking in a cool $2.83 million. That's right—NFTs are flexing harder than perpetuals in this round.

If you're new to this space, let's break it down simply. TON, short for The Open Network, is the blockchain baked into Telegram, the messaging app with over 900 million users. It's designed for speed and low fees, making it a playground for everything from mini-apps to digital collectibles. Fragment sits at the heart of TON's NFT ecosystem, letting users mint, trade, and flip non-fungible tokens with the ease of sending a cat meme in a group chat. Hyperliquid, on the other hand, is a DeFi darling focused on perpetual futures trading—think high-leverage bets on crypto prices without the drama of expiration dates.

The Revenue Shake-Up: Who's Winning the 24-Hour Game?

The screenshot shared by DegenerateNews on X paints a vivid picture of the current DeFi leaderboard. Here's the top six protocols by daily revenue as of December 9, 2025:

Rank	Name	Category	Chains	Revenue (24h)
1	Tether	Stablecoin Issuer	1	$23.64M
2	Circle	Stablecoin Issuer	1	$8.14M
3	Fragment	NFT Marketplace	1	$2.83M
4	Hyperliquid	Perps DEX	1	$2.25M
5	Pump	Memecoin Launcher	1	$1.25M
6	edgedxX	Options DEX	3	$1.14M

Tether and Circle dominate as expected—these stablecoin giants print money (literally) by issuing USD-pegged tokens that keep the crypto world liquid. But Fragment's leap to third place? That's the story stealing the spotlight. Just days ago, Hyperliquid was the talk of the town for its blistering growth in derivatives trading. Now, TON's NFT hub has edged it out, signaling a potential shift toward collectibles and social-driven assets.

This isn't just numbers on a chart; it's a vibe check for the blockchain scene. With Telegram's massive user base, Fragment benefits from seamless onboarding—no need for clunky wallets or gas fee nightmares. Users can snag an NFT while scrolling their chats, turning casual scrollers into collectors overnight.

Why Fragment's Flip Matters for Meme Token Hunters and Blockchain Builders

At Meme Insider, we're all about spotting those cultural catalysts in crypto. Fragment's surge ties directly into the meme token meta: NFTs often serve as the entry point for viral, community-driven projects. Think of it— a cheeky Telegram sticker pack turns into a full-blown NFT drop, and boom, you've got a memecoin narrative brewing.

For blockchain practitioners, this highlights TON's edge in user acquisition. While Ethereum and Solana battle over transaction speeds, TON leverages Telegram's social graph to onboard millions. Developers eyeing meme token launches should take notes: integrate with Fragment for that instant liquidity boost. And traders? Keep an eye on $TON— if NFT volumes keep climbing, the native token could ride the wave.

The X thread exploded with reactions, from bullish "TON is cooking" takes to skeptical jabs like "Bridging away from major chains? Weird." One user quipped about pivoting to NFTs even in a potential bear market, underscoring the resilience of digital art and memes.

What's Next for TON NFTs and the Broader DeFi Landscape?

Fragment's revenue flip isn't a fluke; it's fueled by TON's ecosystem boom. Recent integrations with Telegram mini-apps have supercharged NFT trading, with volumes spiking amid holiday-season hype. If this momentum holds, we could see Fragment challenging the stablecoin duopoly for top billing—though that's a tall order against Tether's war chest.

For those diving deeper, check out DeFiLlama's full dashboard for real-time updates. And if you're building on TON, Fragment's API docs are a goldmine for embedding NFT functionality into your meme projects.

In crypto, today's leader is tomorrow's punchline, but right now, Fragment is dropping bars. What's your take—bullish on TON NFTs, or is this just another pump.fun echo? Drop your thoughts in the comments, and stay tuned to Meme Insider for the latest in meme-fueled blockchain intel.