Ondo Finance launched the ONDO Network on July 27, abandoning its original Layer 1 blockchain plan in favor of a hybrid execution layer for real-world assets. This architecture combines secure hardware enclaves for fast and private transaction execution with a decentralized multi-party attestor network for verification, with assets ultimately settling on public blockchains like Ethereum. The first major application is Ondo Perps, a perpetual futures trading platform launched on July 7, offering up to 20x leverage and accepting tokenized stocks as collateral, a first for any perpetual futures platform. The ONDO token, used for governance and incentivization within the ecosystem, currently trades around $0.40 with a market capitalization of approximately $2 billion. The model does present risks related to the trust assumptions inherent to secure hardware enclaves.
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