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Ondo Finance abandons own blockchain for private off‑chain network
Ondo Finance announced that it will no longer develop its planned Layer‑1 blockchain. Instead, the firm has launched the Ondo Network, an off‑chain execution platform designed to deliver millisecond‑speed private trading and protect transaction data from public view. Trades are processed off‑chain and only the final settlement of assets occurs on public blockchains such as Ethereum or Solana.
The first application built on the Ondo Network is Ondo Perps, a perpetual futures platform that allows qualified investors to use tokenized real‑world assets – for example tokenized US Treasury bonds or equities – as collateral. The ONDO token, which traded around $0.4039 at the time of the announcement, showed little price movement following the news. Ondo Finance said the network will be gradually decentralized, adding validators and eventually a proof‑of‑stake consensus mechanism to increase decentralisation while preserving performance and privacy.
Entities
Ethereum · ONDO token · Ondo Finance · Ondo Network · Ondo Perps
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] Final settlement of assets on the Ondo Network occurs on public blockchains such as Ethereum or Solana. www.archynewsy.com · www.spacemoney.com.br · www.btc-echo.de
- [○ 1 SOURCE] The ONDO token was trading around $0.4039 at the time of the announcement and showed little price movement afterward. www.spacemoney.com.br
- [● 3 SOURCES] Ondo Finance abandoned its planned Layer‑1 blockchain in favor of the off‑chain Ondo Network. www.archynewsy.com · www.spacemoney.com.br · www.btc-echo.de
- [○ 1 SOURCE] Ondo Finance plans to gradually decentralize the Ondo Network, potentially adding validators and a proof‑of‑stake consensus in the future. www.btc-echo.de
- [● 2 SOURCES] Ondo Perps is the first product on the Ondo Network, offering perpetual futures that accept tokenized assets as collateral. www.spacemoney.com.br · www.btc-echo.de
- [● 3 SOURCES] The Ondo Network processes trades off‑chain to achieve millisecond execution and privacy. www.archynewsy.com · www.spacemoney.com.br · www.btc-echo.de