Ondo Finance has launched the Ondo Network, marking a pivot from its initial plan to develop the Ondo Chain blockchain. According to CEO Ian De Bode, the new network is not a blockchain in the conventional sense today but is designed to evolve towards that in the future.
The Ondo Network acts as an execution layer, separating the tasks of execution, verification, and settlement across different components. Hardware enclaves facilitate private and rapid execution, decentralized attestors provide verifiability, while public blockchains handle asset transfer settlement. This architecture contrasts with traditional blockchains that combine all three on a single ledger.
De Bode explained that while building the Ondo Perps perpetual futures exchange, the team realized that execution was the main bottleneck in the system rather than settlement. Ondo Perps is the network's first live application, though Ondo envisions broader uses including spot markets, structured products, and lending markets.
Future Features and ONDO Token Status
Several planned features remain in future development, such as expanding the attestor set, implementing proof-of-stake security, onchain state settlement, advanced cryptographic proofs, and selective privacy measures. Currently, asset transfers settle on Ethereum, with plans to support additional public blockchains. The settled state is maintained primarily within hardware enclaves for now.
The ONDO token continues as the governance and ecosystem token for Ondo's infrastructure geared towards real-world assets and markets. ONDO’s price jumped roughly 14% over the previous week, trading near $0.41 with a circulating market cap close to $2 billion as of late July.
