Ondo Finance Launches Network with Hardware Enclave Trading and Blockchain Settlement

Ondo Finance launched the Ondo Network on Monday, an execution layer that runs application code inside hardware enclaves and settles asset transfers on a public blockchain. The network replaces Ondo Chain, the proof-of-stake Layer 1 Ondo announced in February 2025 and never launched. Ondo describes the system as combining centralized exchange speed with blockchain verifiability and non-custodial design, with Ondo Perps as the first application running on it and the protocol holding $3.48 billion in assets across platforms.

Ondo Network Executes Trades in Hardware Enclaves with Blockchain Settlement

Application code executes inside hardware enclaves that operators cannot inspect or modify. Each enclave carries a hardware measurement proving that only approved, unmodified code is running, and Ondo states a single altered byte is enough to fail verification.

A separate set of attestors checks that measurement before an enclave starts, holds fragments of the keys that only reconstruct inside a verified enclave under quorum, and relays asset transfers and onchain events. The network currently runs on a single high-performance enclave, with no replicated set yet.

Asset transfers settle on a public blockchain, reported to be Ethereum with others planned. The durable record of activity is a signed, replayable log of state transitions, with committing that settled state onchain listed as future work. Ondo published no latency, throughput or transactions-per-second figures, describing the speed only as "near-CEX".

Ondo Protocol Holds $3.48 Billion in Assets Across Platforms

Ondo's protocol holds $3.48 billion in assets, with $1.89 billion of it on Ethereum. Ondo Perps, the perpetual futures platform the company launched this month, is the first application running on the network.

FAQ

What did Ondo Finance launch on Monday?
Ondo Finance launched the Ondo Network on Monday, an execution layer that runs application code inside hardware enclaves and settles asset transfers on a public blockchain.

How does Ondo Network verify code integrity?
Each enclave carries a hardware measurement proving only approved, unmodified code is running, with a single altered byte enough to fail verification. Attestors check that measurement before an enclave starts.