Ondo shifts from layer-1 blockchain plan to offchain execution network

Real-world asset tokenization platform Ondo Finance has launched an offchain execution network in an apparent pivot away from the institution-focused layer-1 blockchain it announced in 2025. The company said Monday that Ondo Network will handle trades away from public blockchains and is already being used by Ondo Perps, its perpetual futures platform. Traditional blockchains typically rely on distributed networks of computers to validate transactions and maintain shared state. Ondo Network instead runs its trading software inside one protected computing environment that the company calls “enclaves,” which are also known as Trusted Execution Environments in crypto parlance. A group of operators checks that the software has not been altered, and each holds part of the digital key needed to authorize transfers. Ondo said transfers are ultimately recorded on public blockchains, but it did not identify the operators or say how many are involved.Ondo described the system as a continuation of Ondo Chain, which it announced in February 2025 as a blockchain for putting traditional financial assets onchain. “It isn’t a blockchain today; it doesn’t need to be,” the company said. Ondo said it ...