The Ondo Network is a new execution layer built by Ondo Finance, the real-world-asset tokenization company. It is designed to process trades at the speed of a centralized exchange while keeping settlement non-custodial and verifiable onchain. Ondo Finance calls it the evolution of Ondo Chain, the blockchain the company first announced in February 2025. The first version of the Ondo Network went live this week, and it already powers Ondo Perps, the company’s perpetual futures platform.
Unlike a traditional blockchain, the Ondo Network does not rely on a distributed set of computers to validate every transaction. Instead, it separates three jobs that most blockchains bundle together: execution, verification, and settlement.
How Does the Ondo Network Work?
Ondo Finance says its architecture splits trading into three distinct parts, each handled by different infrastructure. Here is how each piece functions.
Enclaves for Execution
Trades run inside what Ondo calls “enclaves,” known more broadly in the industry as Trusted Execution Environments. These are protected computing environments that process transactions privately and quickly, without exposing the underlying logic to outside observers.
Decentralized Attestors for Verification
A group of operators checks that the software running inside the enclaves has not been altered. Each operator holds part of the digital key required to authorize any transfer, so no single party can move funds alone. Ondo has not disclosed how many operators are currently involved or their identities.
Public Blockchains for Settlement
Once a trade is executed and verified, the transfer is recorded on a public blockchain. CEO Ian De Bode said asset transfers currently settle on Ethereum, with support for other public blockchains planned for later.
Why Did Ondo Build This Instead of a Blockchain?
De Bode told The Block that the Ondo Network is “the implementation of what we originally set out with the Ondo Chain,” describing it as an evolution rather than a separate product. He confirmed Ondo will not run the Ondo Network and Ondo Chain in parallel.
According to Ondo, the decision came out of building Ondo Perps and talking to customers. The team concluded that execution speed, not settlement, was the main bottleneck holding back onchain trading. Ondo’s own announcement put it as: “It isn’t a blockchain today; it doesn’t need to be.” The company added that as the Network evolves, it expects that distinction to become harder to draw.
What Is Ondo Perps?
Ondo Perps is the company’s perpetual futures exchange and the first application running on the Ondo Network. Ondo describes the Network as general-purpose infrastructure, not something built only for perpetual futures. The company says spot markets, structured products, and lending markets could also run on the same execution layer.
How Does This Relate to Ondo Chain?
Ondo Chain reached testnet in 2025, when JPMorgan’s Kinexys unit and Chainlink completed a tokenized U.S. Treasury settlement on it. That project positioned Ondo Chain as infrastructure for putting traditional financial assets onchain. The Ondo Network now carries that mission forward, using a different technical approach than a standalone blockchain.
What Comes Next for the Ondo Network?
Ondo Finance describes several features as future directions rather than capabilities live today:
- Opening the attestor set to more operators
- Proof-of-stake security
- Onchain state settlement
- Additional cryptographic proofs
- Selective privacy features
- New staking roles
The company has given no timeline for these additions. For now, the settled-state record lives only within the enclaves, and settlement runs on Ethereum.
Conclusion
The Ondo Network gives Ondo Finance a working execution layer that already processes trades for Ondo Perps, using enclaves for speed, a group of attestors for verification, and Ethereum for settlement. It replaces the company’s original Ondo Chain plan while keeping the same long-term goal: financial infrastructure that is fast, private, and verifiable without a single custodian in control.
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Ondo Finance blog: Introducing the Ondo Network: The Evolution of Ondo Infrastructure
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Report by The Block: Ondo launches new execution network, calling it ‘evolution’ of Ondo Chain
