Ondo Drops Its Own Chain, Picks Up an Enclave: Execution Layer Goes Live 🚀

Ondo Finance has launched Ondo Network, an offchain execution layer built to handle private, high-speed trading for tokenized financial markets, the company said Monday. The system separates execution, validation and settlement rather than bundling them onto a single blockchain, and Ondo Perps is the first live application running on it. Ondo Perps offers 24-hour perpetuals on stocks and commodities, backed by tokenized real-world asset collateral.

CEO Ian De Bode described Ondo Network as an evolution of the earlier Ondo Chain plan announced in February 2025, according to ChainCatcher. De Bode said the company will not operate both networks simultaneously, with the pivot driven by infrastructure feedback gathered while building Ondo Perps. "It isn't a blockchain today; it doesn't need to be," the company said of the new design.

Ondo Network runs its trading software inside secure hardware enclaves, also known as Trusted Execution Environments, within a single protected computing environment. Decentralized attestors verify approved code, while a group of operators each hold part of the digital key needed to authorize transfers. Settlement of asset transfers is ultimately recorded on public blockchains, though Ondo did not identify the operators or disclose how many are involved.

The company said it may later add more operators, record more activity on public blockchains and introduce a token-based security system, but it gave no timeline. Ondo Chain reached testnet in 2025, when JPMorgan's Kinexys and Chainlink completed its first transaction, a tokenized U.S. Treasury settlement. Oasis Pro authorizations are expanding U.S. investor access to equities, ETFs, funds and IPO securities markets through the network.