Real-world asset tokenisation platform Ondo Finance has launched an offchain execution network called Ondo Network, moving away from plans for an institution-focused layer1 blockchain. Cointelegraph reported on July 28 that Ondo Network processes transactions outside public blockchains and has been applied to the perpetual futures platform Ondo Perps.

Ondo Network executes transactions differently from decentralised blockchains. Typical blockchains have multiple computers verify transactions and collectively maintain state, but Ondo Network runs trading software inside an enclave, a protected computing environment. Enclaves are known in the cryptocurrency industry as trusted execution environments.

Operators participating in Ondo Network verify that the software has not been tampered with and also share custody of the digital keys needed to approve asset transfers. The final record of transfers remains on a public blockchain, but the company did not disclose who the operators are or how many participants there are.

Ondo Finance described the system as an extension of Ondo Chain, which it announced in February 2025. Ondo Chain was presented as a blockchain to bring traditional financial assets onchain, but the company said this time that it is "not a blockchain right now, and it does not need to be."

Ondo Finance said it could increase the number of operators, record more activity on public blockchains, and introduce a structure in which participants deposit collateral-type tokens. It did not provide a detailed timetable.