Ondo Finance has scrapped its plan to build a traditional Layer 1 blockchain and is instead launching Ondo Network, a trading network aimed at institutional use cases. The platform is designed to support private, high-speed trade execution. Its first application, Ondo Perps, will let users trade perpetual futures using tokenized assets as collateral, while separating fast and private execution from settlement on public blockchains. Ondo Finance has already issued tokenized U.S. Treasuries and stocks, and the move comes as interest in tokenization and 24/7 markets rises on Wall Street. The company is using that backdrop to push ahead with broader trading infrastructure.
Ondo Finance has dropped its plan to build a traditional Layer 1 blockchain and is moving ahead with Ondo Network instead, according to ChainCatcher.
Ondo Network is positioned as a trading network built for institutional demand, with a focus on private and high-speed trade execution.
First application targets perpetual futures
The first application on the network, Ondo Perps, will allow users to trade perpetual futures with tokenized assets posted as collateral. It will also separate fast, private trade execution from settlement on public blockchains.
Broader infrastructure push
Ondo Finance has already issued tokenized U.S. Treasuries and stocks. As Wall Street shows rising interest in tokenization and 24/7 markets, the company is pushing ahead with a broader buildout of trading infrastructure.
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