Ondo launches offchain execution network, drops L1 plan

Ondo Finance on Monday launched Ondo Network, an offchain execution network that runs trades inside Trusted Execution Environments. The network is already used by Ondo Perps, the company’s perpetual futures platform. Ondo described the launch as a shift from the layer-1 blockchain announced in February 2025.

Ondo Network runs trading software inside protected computing environments known as enclaves or Trusted Execution Environments. A group of operators verifies the software’s integrity and each operator holds a share of the digital key required to authorize transfers. Trades processed in the network are recorded later on public blockchains; the company did not identify the operators or disclose how many participate.

Ondo presented the system as a continuation of Ondo Chain and wrote: “It isn’t a blockchain today; it doesn’t need to be.” Ondo Chain reached testnet in 2025, and the testnet’s first onchain transaction settled a tokenized U.S. Treasury with Kinexys and Chainlink participating.

The company said it may add more operators, record more activity directly on public chains, and require participants to post tokens as security, but provided no timeline for those changes.

Ondo Network processes trades off public blockchains while ultimately recording transfers onchain, removing the need for immediate onchain settlement for each trade.