- Ondo Finance launched the Ondo Network on Monday, an execution layer that runs application code inside hardware enclaves and settles asset transfers on a public blockchain.
- The network replaces Ondo Chain, the proof-of-stake Layer 1 Ondo announced in February 2025 and never launched.
- Ondo Perps is the first application on it, and Ondo’s protocol holds US$3.48 billion in assets, US$1.89 billion of it on Ethereum.
Ondo Finance launched the Ondo Network on Monday, its execution layer that runs trading inside hardware enclaves and settles asset transfers on a public blockchain.
This effectively replaces the Layer 1 chain the company announced 18 months ago.
Ondo describes it as “the execution layer for a new generation of financial markets, fast and private like a centralized exchange, verifiable like a blockchain, and non-custodial in design”.
The network is live, and Ondo Perps, the perpetual futures platform the company launched this month, is the first application running on it.
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Enclaves and Attestors
Application code executes inside hardware enclaves that operators cannot inspect or modify. Each enclave carries a hardware measurement proving that only approved, unmodified code is running, and Ondo says a single altered byte is enough to fail verification.
A separate set of attestors checks that measurement before an enclave starts, holds fragments of the keys that only reconstruct inside a verified enclave under quorum, and relays asset transfers and onchain events.
The network currently runs on a single high-performance enclave, with no replicated set yet. Asset transfers settle on a public blockchain, reported to be Ethereum with others planned, while the durable record of activity is a signed, replayable log of state transitions; committing that settled state onchain is listed as future work.
Ondo published no latency, throughput or transactions-per-second figures, but described the speed only as “near-CEX”.
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