Ondo Ditches Layer-1 Blockchain for Offchain Execution Network

Ondo Finance has made a significant shift in its plans for blockchain technology. Instead of moving forward with its layer-1 blockchain, Ondo is now focused on an offchain execution network called Ondo Network.

This change comes after the company announced its plans to launch a blockchain for institutions to tokenize real-world assets in 2025. However, it seems that Ondo has pivoted away from this goal and is now using its Ondo Chain as an offchain system.

Ondo Network handles trades outside of public blockchains and uses enclaves, also known as Trusted Execution Environments, to run its trading software in a secure environment. A group of operators checks that the software has not been altered, and each holds part of the digital key needed to authorize transfers.