Key facts
- Ondo Finance has launched the Ondo Network, an execution layer for financial markets.
- The network aims to provide fast, private, and non-custodial trading, departing from a previous Layer 1 blockchain plan.
- Trade execution occurs in secure hardware enclaves, while settlement remains on-chain, currently on Ethereum.
- Decentralized attestors verify the code running in the enclaves, preventing single-point failures.
- Ondo Perps, a perpetual futures platform, is the first application utilizing the Ondo Network.
Ondo Finance has launched the Ondo Network, an execution layer designed to offer fast, private, and non-custodial trading, marking a shift from its earlier plan to build a Layer 1 blockchain. The company stated that while blockchain technology remains foundational, the goal of making the financial system more accessible led to this evolution.
The Ondo Network separates trade execution from trade settlement. Trade execution, which includes matching, risk management, and liquidations, is handled privately and at high speeds within secure hardware enclaves. Decentralized attestors verify the code that these enclaves run, ensuring security and preventing a single operator from approving unauthorized code or transferring user assets independently.