Ondo Replaces Layer 1 Chain with New Execution Layer for Faster Trading

Ondo Finance has launched its new execution layer called Ondo Network, which enables faster and self-custodied onchain trading. This move effectively replaces Ondo Chain, a proof-of-stake Layer 1 that was announced in February 2025 but never launched.

The Ondo Network runs application code inside hardware enclaves and settles asset transfers on a public blockchain. Ondo Perps, the perpetual futures platform, is the first application running on this new network, which holds US$3.48 billion in assets, with US$1.89 billion of it on Ethereum.

The network's architecture involves enclaves and attestors, where application code executes inside hardware enclaves that operators cannot inspect or modify. A separate set of attestors checks the measurement before an enclave starts, holds fragments of keys, and relays asset transfers and onchain events.