TheBlock
Ondo Finance has launched the Ondo Network, a new execution layer that pairs centralized exchange-style speed with non-custodial trading and onchain settlement. CEO Ian De Bode framed it as the evolution of the company's earlier Ondo Chain initiative, and confirmed the network now underpins Ondo Perps, the firm's perpetuals product.
Why it matters
Execution quality is the bottleneck for institutional onchain derivatives. By collapsing the CEX-grade speed gap into a non-custodial layer, Ondo is pitching a venue that can host perpetuals without handing assets to a centralized counterparty. The move also folds perps into Ondo's broader real-world-asset stack, giving RWA collateral a native derivatives venue rather than routing exposure through a third-party DEX.
Market impact
The launch lands Ondo directly in the crowded onchain perps race, where Hyperliquid and dYdX still dominate volume. Watch whether Ondo's existing RWA distribution gives Ondo Perps a privileged user base that other perps venues lack, and whether the execution-layer branding becomes the wedge Ondo uses to onboard traditional market makers rather than just crypto-native liquidity.
Frequently asked questions
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What is the Ondo Network?
Ondo Network is a new execution layer from Ondo Finance that pairs centralized exchange-style speed with non-custodial trading and onchain settlement. CEO Ian De Bode described it as the evolution of the earlier Ondo Chain initiative.
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How does the Ondo Network relate to Ondo Perps?
Ondo Network now underpins Ondo Perps, Ondo's perpetuals product. The execution layer is the infrastructure the derivatives venue runs on, giving perps CEX-grade throughput without requiring users to hand assets to a centralized counterparty.
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Why is this launch significant for institutional crypto?
Execution quality has been the main bottleneck for traditional desks going onchain. By collapsing CEX-grade speed into a non-custodial layer, Ondo is targeting an institutional-grade derivatives venue where users keep custody of their assets while trading at centralized-exchange speeds.
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How does Ondo Network connect to Ondo's RWA business?
The launch folds perpetuals onto the same stack as Ondo's real-world-asset products, giving RWA collateral a native derivatives venue rather than routing exposure through third-party DEXs. Bundling perps with the RWA pipeline is the strategic angle.
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Who are Ondo Perps' main competitors?
Ondo Perps enters a crowded onchain perpetuals field currently dominated by Hyperliquid and dYdX. The open question is whether Ondo's existing RWA distribution and institutional reach give it a user base competitors cannot easily replicate.
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