Ondo drops tokenized asset blockchain plans for private, high-speed trading network
The new network powers Ondo's recently-launched perpetual futures platform and will eventually support trading across onchain financial assets.
AI Summary
Ondo Finance abandoned its plans for a traditional layer-1 blockchain and launched Ondo Network, a private, high-speed trading platform built for institutional needs. The first application, Ondo Perps, enables perpetual futures trading using tokenized assets as collateral, separating fast execution from public blockchain settlement. The move reflects Ondo's shift toward broader trading infrastructure amid growing Wall Street interest in tokenization and 24/7 markets.