ONDO Finance Ditches Original Blockchain Plan for Hybrid Execution Layer

ONDO Finance has launched its Ondo Network, a hybrid execution layer designed for tokenizing real-world assets. The network went live on July 27 and is an evolution of the company's original plan for a standalone Layer 1 blockchain called Ondo Chain.

The Ondo Network uses secure hardware enclaves to handle trade execution, processing transactions with speed and privacy. It also features a decentralized multi-party attestor network that handles verification and key management. Assets ultimately settle on public blockchains, preserving transparency.

The first major application running on the network is Ondo Perps, a perpetual futures trading platform that offers 24/7 trading with up to 20x leverage. This platform allows traders to use tokenized stocks as collateral, which is a first for any perpetual futures platform.