Ondo Ditches Layer-1 Blockchain Plans for Offchain Execution Network

Ondo Finance has surprisingly abandoned its plans for a layer-1 blockchain focused on traditional financial assets. The company has instead launched an offchain execution network, dubbed Ondo Network, which will handle trades away from public blockchains.

The Ondo Network uses 'enclaves' or Trusted Execution Environments to run trading software in a protected computing environment. A group of operators verifies that the software hasn't been altered and each holds part of the digital key needed to authorize transfers.

Ondo said transfers are ultimately recorded on public blockchains, but declined to identify the operators or specify how many are involved.