Ondo has launched Ondo Network, a verifiable execution layer designed to deliver the speed and privacy of centralized exchanges while preserving blockchain based settlement and noncustodial asset control.

The network is already live and powers Ondo Perps, the perpetual futures platform introduced last week.

Ondo Network represents an evolution of the company’s previously announced Ondo Chain initiative. The firm said building a traditional blockchain would not solve the main constraints facing trading platforms, particularly execution speed and privacy.

Instead, Ondo separated trade execution from settlement. Application logic runs privately inside hardware protected Trusted Execution Environments, while asset transfers settle on public blockchains.

A decentralized group of attestors verifies that each secure environment is running approved code. The attestors also hold separate portions of the keys required to operate the system, preventing any single operator from modifying the software or moving user funds independently.

Once approved, the secure environment can process matching, margin calculations, and liquidations without waiting for each action to be replicated across a blockchain network. Core state changes are recorded in signed logs that authorized auditors and counterparties can replay to verify that the approved rules were followed.

Ondo said this architecture allows trading applications to approach centralized exchange speeds while keeping positions and order flow private. It is also intended to let third parties verify that orders were not skipped, front run, or given preferential treatment.

Execution currently runs through a single high performance secure environment, while multiple attestors control code approval and key access. Ondo plans to expand the model through a larger attestor set, external watchers, public blockchain state commitments, additional cryptographic proofs, and a possible proof of stake security system.

Ondo Perps is the first application built on the network and will support perpetual futures trading with tokenized real world assets available as collateral. The infrastructure could later support spot markets, lending platforms, structured products, and settlement systems.

Ondo said the network is not currently a blockchain in the traditional sense, but could increasingly resemble one as verification, key custody, and oversight become distributed among more independent participants.