Ondo Finance Launches Ondo Network Offchain Execution Layer on July 28, Pivots From Layer-1 Blockchain

On July 28, 2026, Ondo Finance launched Ondo Network, an offchain execution network that replaces its originally planned Ondo Chain layer-1 blockchain. The shift reflects a strategic decision based on user feedback that institutional adoption was bottlenecked by execution speed and privacy rather than settlement capacity.

Ondo Network executes trades inside Trusted Execution Environments (enclaves) while maintaining final settlement on public blockchains. A decentralized group of operators validates code and holds fragments of the digital key required to authorize transfers, preventing any single party from acting unilaterally. The first application is Ondo Perps, a perpetual futures platform for tokenized equities and commodities. Ondo has indicated potential future plans to expand the operator set, increase on-chain activity, and introduce token-backed security, though no timeline has been provided.