Ondo Network @Ondo 正式上线：一次“不建链”的底层架构革命 今天聊一个值得关注的底层架构升级——Ondo Network 已正式上线，这不是一个普通的版本更新，而是一次底层逻辑的重构。如果你还在用“Ondo 做了条 RWA L1”的旧认知，可能需要刷新一下了 从 Ondo Chain 到 Ondo Network：为什么放弃了公链？ 2025年2月，Ondo 公布了 Ondo Chain 计划——一条专为代币化资产设计的 PoS Layer-1 公链，顾问名单里有 Franklin Templeton、WisdomTree、Google Cloud 和 McKinsey。JPMorgan 旗下的 Kinexys 和 Chainlink 甚至在测试网上完成了首笔代币化美国国债结算 一切看起来都在推进。但到了 2026 年 7 月 27 日，Ondo 宣布 Ondo Network 正式上线——Ondo Chain 被正式搁置 为什么？团队在开发 Ondo Perps 的过程中发现：执行延迟才是瓶颈，而不是结算吞吐量 机构客户不关心你用哪条链结算，他们在乎的是下单之后价格跑了多少。传统 Layer-1 公链把执行、验证、结算全部塞进同一个账本里，速度、隐私、控制、可验证性——买一个就得放弃另一个 这些取舍看似天生，其实不是。它们来自“把三件事硬塞在一起”这个设计本身 Ondo Network 怎么做？三件事分开 把执行、验证、结算拆成三层： 1. 执行层——Enclaves（安全飞地） ：交易在可信执行环境（TEE）中运行，速度接近 CEX，且外部无法窥探或篡改 2. 验证层——去中心化 Attestors：一组独立运营者检查飞地内运行的代码是否被篡改，通过私钥分片机制确保没有任何单一主体能独自掌控资产 3. 结算层——公有区块链：最终资产转移在以太坊上完成结算，保持非托管和可验证性 本质上是“执行隐私 + 公开结算”的混合模型——传统 Layer-1 做不到 首个应用：Ondo Perps 已经跑起来了 Ondo Perps @OndoPerps 是首个基于 Ondo Network 构建的应用。7月7日上线，支持最高20倍杠杆的代币化股票永续合约，允许用代币化股票作为抵押品 不到一个月，24小时交易量突破3亿美元。这不是一个“perps专用系统”——Ondo Network 是通用基础设施，现货市场、结构化产品、借贷市场都可以搭建在上面 市场已经给出了回应 Ondo Network 上线后，ONDO 从 $0.37 附近反弹近 12% 至约 $0.419。目前市值接近 20 亿美元 更关键的是基本面数据：Ondo 目前管理着近 35 亿美元的总锁仓价值（TVL），其中约 26 亿美元是代币化美国国债产品，另有约 8.5 亿美元代币化股票。Ondo Stocks 累计交易额已突破 180 亿美元，提供超过 260 种代币化美股和 ETF 就在 Ondo Network 上线前四天，Ondo 旗下的 SEC 注册经纪交易商 Oasis Pro Markets 刚获得 FINRA 授权，可以向美国投资者提供代币化证券。合规通道 + 交易基础设施，这套组合拳不是巧合 这件事为什么值得关注？ Ondo 没有“建链”，却做出了比链更接近“人们真正想要的东西” 它不像传统 rollup 那种桥接模型，而是更模块化——应用在飞地内执行，生成签名记录，证明者验证，最后在以太坊上结算 Ondo 官方说得很直白：“它今天不是一条区块链；也不需要是。但随着网络演进，这个区别会越来越难以区分。” 未来金融市场不会被“在链上还是链下”定义，而会被它需要的特性定义——速度、隐私、健壮性、可验证性、可组合性、可访问性，不同场景有不同权重 Ondo Network 就是对这一判断的落地 Fast without being centralized. Private without being opaque. 第一条版本已上线，接下来还有开放证明者集、PoS 安全、链上状态结算、选择性隐私等演进方向 RWA 基础设施的下一阶段已经开始了 免责声明：以上内容仅为信息分享，不构成任何投资建议，DYOR
Introducing the Ondo Network, the execution layer for open financial markets, and the evolution of our vision for Ondo Chain. Fast and private like a CEX. Verifiable like a blockchain. Non-custodial in design. How it works: → Enclaves for private, high-speed execution → Decentralized attestors for verifiability → Blockchains for asset transfer settlement The first application powered by the Ondo Network is @OndoPerps, the high-performance perpetual futures platform. But the Network is not a perps-specific system. It is general-purpose infrastructure for any application that needs execution speed, privacy, and distributed, verifiable correctness. Spot markets, structured products, lending markets, and more can all be built on it. Our mission has always been to make finance more accessible, and blockchain was our most powerful tool for getting there. But we always let the goal, not the technology, lead. And building for Ondo Perps, we realized that addressing the infrastructure constraints that matter today didn’t require us to build a chain — at least in the traditional sense — at all. Financial infrastructure always meant tradeoffs: speed, privacy, control, verifiability, you bought one by giving up another. Those tradeoffs seemed inherent. They weren’t. They came from forcing execution, verification, and settlement into one place. Separate them, and you can have the right technology for the right use. That’s the Ondo Network. Though the Ondo Network was first launched to enable Ondo Perps, this is only just the beginning of what can be done, including further opening the attestor set, proof-of-stake security, onchain state settlement, additional cryptographic proofs, selective privacy, and novel roles for staking. Note that with each of these, the Ondo Network starts to look more like what people have always actually valued in a blockchain: many independent operators, one shared history, security that comes from economics and cryptography instead of mere trust, and rules anyone can check. But it does so in a way that gives users the speed and privacy they want. That’s why the Ondo Network is really the continuation of what we set out to build with Ondo Chain. It isn’t a blockchain today; it doesn’t need to be. But as the Network evolves, we expect that distinction to get harder to make. While the Ondo Network isn’t the blockchain we initially planned, it’s actually the truer expression of why we wanted one. The future of open financial markets won’t be defined by onchain or offchain, but by the properties that they need to function: speed, privacy, robustness, verifiability, composability, and access, all in different measures for different use cases. The Ondo Network is not a bet on any one technology, but on the goal every technology we’ve adopted was meant to serve: a financial system genuinely accessible to everyone. One that’s composable and non-custodial. Verifiable without being fully visible. Fast without being centralized. Private without being opaque. The Ondo Network is the evolution of the vision for Ondo Chain. And the first version is live today.
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