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Ondo pivots to Ondo Network for institutional trading instead of a layer-1
Ondo Perps, its first Ondo Network application, enables perpetual futures trading using tokenized assets as collateral, with private fast execution separated from public settlement.
CoinDesk reports that Ondo Finance has abandoned plans to build a traditional layer-1 blockchain and instead launched Ondo Network, a trading platform it says is better suited to institutional needs.
The first application on the network, Ondo Perps, allows users to trade perpetual futures using tokenized assets as collateral. Ondo says the system separates fast, private trade execution from settlement on public blockchains.
The pivot follows the launch of Ondo Perps and comes after Ondo concluded that a conventional blockchain was not the best fit for the speed and privacy institutional trading requires.
CoinDesk also notes that Ondo has become a major issuer of tokenized U.S. Treasuries and equities, with about $2.6 billion in tokenized U.S. Treasury products and roughly $850 million in tokenized equities, citing rwa.xyz. The company also obtained FINRA approval last week to launch regulated markets and services for tokenized securities.