Ondo Finance CEO Ian de Bode announced that the firm has abandoned its plan to build a traditional layer‑1 blockchain and has launched Ondo Network, a private trading platform for institutional use. The shift follows the February 2025 vision for Ondo Chain, a blockchain intended for institutional finance and tokenized real‑world assets. Ondo Perps, the first application on the network, will allow users to trade perpetual futures using tokenized assets as collateral, with orders executed privately and settlement recorded on public blockchains. The CEO said the network continues the original goals of Ondo Chain while meeting the speed and privacy required by institutional traders. By separating execution from settlement, the platform aims to give institutions the benefits of blockchain settlement without exposing their trading activity to competitors. Ondo said the network could later support spot markets, lending, structured products and additional settlement infrastructure. An update on July 28 added a remark from the CEO.