Bankless · Thursday, July 2, 2026
OndoPerps operates on a hybrid model, utilizing off-chain execution for performance and privacy while maintaining on-chain settlement. Ian DeBode explained that the execution code is hosted by multiple decentralized entities (attestors) to ensure transparency and prevent unilateral code changes by Ondo. This 'secure enclave' model, developed using technology from Enclave Markets (which Ondo acquired), aims to provide the benefits of decentralized finance without sacrificing the speed and privacy typically found in centralized exchanges.
“Yeah, so it is the execution of OndoPerps lives entirely off-chain. So there's a lot of trade-offs to be made, whether you build something fully on-chain or off-chain. The problem right now with most blockchains is that the execution speed, at least relative to what you can get in a centralized environment, is just not there, right? When you look at centralized environments, 200 milliseconds and below, even on a blockchain, even on a hyperliquid, you're looking at 600 milliseconds. That's fine-ish, but if you then want to do more complicated... calculations, including margin, multi-asset collateral, and the like, you're starting to bump up to what a blockchain can handle. The other downside of going full public blockchain is the privacy that, you know, it does not enable, essentially. So finding the right balance between composability, which is where public blockchain sunshine and settlement finality, as well as the performance of the thing and the privacy, there's a little bit, there's trade-offs to be made. So-OndoPurps is going to allow deposit and withdrawals from multiple chains. The execution itself lives off-chain. So the deposit and withdrawals are fully on-chain. The execution itself lives off-chain. But the execution is decentralized via a tester model. So the code that we run the exchange on is hosted by multiple entities. You can almost compare them to blockchain nodes, but only the execution component, not the settlement component.”
“We call it a secure enclave model. It's actually a technology that a startup called Enclave Markets had piloted. They've been around for a while, running this for a while. But Ono acquired them earlier this year, basically. To do this? To do exactly this. To do exactly this.”