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Ondo launches a new execution network, Ondo Network, replacing the original Ondo Chain route

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PANews July 28, 2024, according to The Block, Ondo Finance announced the launch of a new execution layer, Ondo Network, calling it an “evolved version” of the earlier Ondo Chain. It will no longer run in parallel with Ondo Chain. During the development of the perpetual contracts trading venue Ondo Perps, Ondo found that the main trading bottleneck lies in execution rather than settlement. Therefore, it separates execution, settlement, and verification: a secure hardware enclave handles fast, default-private transaction execution; a decentralized attestor network verifies its running code. Asset transfers are settled on Ethereum for now, and later it will support more chains and periodically submit state on-chain. Ondo Network is a general-purpose execution layer; besides perpetual contracts, it can be expanded to spot, lending, structured products, and other applications that require fast, private, and verifiable execution. The ONDO token’s role remains centered on governance and incentives.
ONDO-2.40%
ETH-3.15%
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