- The Ondo Network is a replacement for the Ondo Chain, with off-chain transactions and on-chain settlements for trading.
The Ondo Perps platform is the first to operate using the Ondo Network, with tokenized asset collateral.
The ONDO token will retain its governance capabilities as new security functionalities are developed for the network.
Ondo Network marks a significant shift in the infrastructure strategy of real-world asset tokenization platform Ondo Finance after the company introduced a new off-chain execution layer instead of continuing with the institution-focused blockchain it unveiled in 2025.
The company said the new system is already powering Ondo Perps, its perpetual futures platform, where trading is executed away from public blockchains while settlement remains connected to blockchain infrastructure.
Company executives described the network as the implementation of the original vision behind Ondo Chain rather than a separate product.
The launch follows the 2025 Ondo Chain testnet, which included a tokenized U.S. Treasury settlement completed by JPMorgan’s Kinexys and Chainlink. The latest rollout separates execution from settlement while allowing users to retain custody of their assets.
Ondo Network Replaces Ondo Chain Development
Ondo Finance said the newly launched Ondo Network represents the next stage of its infrastructure plans and will replace the previous direction established with Ondo Chain. The company confirmed it will not operate both systems in parallel.
Source: ONDO press release
According to Ondo CEO Ian De Bode, the network implements the objectives originally outlined for Ondo Chain. He said the company reached that decision after developing Ondo Perps and speaking with customers, concluding that execution speed had become a greater challenge than settlement.
Ondo initially introduced Ondo Chain in February 2025 as a blockchain designed for tokenized traditional financial assets. The project later reached the testnet stage, where JPMorgan’s Kinexys and Chainlink completed its first tokenized U.S. Treasury settlement.
Execution Moves Off-Chain While Settlement Stays Onchain
Instead of processing every transaction through a distributed blockchain, the network executes trades inside protected computing environments known as enclaves, or Trusted Execution Environments (TEEs).
Ondo said the trading software runs inside these secure environments while a group of operators verifies that the software has not been altered. Each operator also holds part of the authorization key required to approve transfers.
The company said completed transfers are ultimately recorded on public blockchains, but did not disclose the number or identities of participating operators.
De Bode said the architecture separates execution from settlement and verification, with additional settled records expected to be committed to public blockchains over time. For now, those records remain within the protected execution environments.
Key Developments
- Off-chain execution: Trading is processed inside Trusted Execution Environments rather than directly on a public blockchain.
- Onchain settlement: Completed transfers are ultimately recorded on public blockchains after execution.
- Single infrastructure: Ondo Finance said it will not operate Ondo Chain and Ondo Network simultaneously.
Ondo Perps Becomes the First Application
The first application running on Ondo Network is Ondo Perps, a perpetual futures platform offering 24/7 trading linked to equities and commodities.
The company said tokenized real-world assets can also be used as collateral on the platform. Beyond perpetual futures, Ondo stated that the network is designed to support spot markets, lending, structured financial products, and other applications requiring private, high-speed, and verifiable execution.
Ondo also outlined possible future developments, including adding more operators, committing additional execution activity to public blockchains, and introducing an economic security model requiring participants to provide token-backed collateral. The company did not provide a timeline for those additions.
ONDO Token Maintains Existing Role
Ondo Finance said the launch does not change the function of the ONDO token.
According to De Bode, the token remains the governance and ecosystem asset supporting the company’s real-world asset infrastructure. He added that as Ondo Network expands through additional attestors, monitoring participants, and future economic security mechanisms, the token is expected to remain central to governance and incentive structures.
The company’s market data showed the ONDO token trading at approximately $0.40, giving it a market capitalization of nearly $2 billion and ranking it among the largest cryptocurrencies by market value.
Frequently Asked Questions
What is Ondo Network?
Ondo Network is an off-chain execution layer developed by Ondo Finance that processes transactions outside public blockchains while maintaining onchain settlement.
Is Ondo Network replacing Ondo Chain?
Yes. Ondo Finance said the network represents the implementation of its original Ondo Chain vision and confirmed it will not operate both systems in parallel.
How are transactions processed?
Transactions are executed inside Trusted Execution Environments, while completed transfers are ultimately recorded on public blockchains.
