Sep 1, 2026 · 34 min · 13 segments
Tokenization continues to evolve, with builders bringing stocks, ETFs, and other financial instruments on-chain to expand access to capital markets and enable new forms of trading and…
Ian De BodeGuestMatt AllenHostDavid ShapiroHostCatherine WichkerHostI love that in particular because it's solving probably from a TradFi perspective, a very niche issue, right, of portfolio margining.
This solves that problem by bringing the security as a token onto the commodity platform.
If you want to move towards proper 24-7 portfolio margin, not just for hedge funds, but essentially for everyone, this is the way you do it.
Because what do you need a blockchain really for, right? When we were designing Ondo Perps, we took a hard look at what does on-chain infrastructure really allow you to do and what is it good for, right? Blockchains, I think, are extraordinarily good at having a transparent state and enabling permissionless access.
At doing instant settlement or more or less instant settlement and enabling self-custody of your assets.
You can always be in control of your own assets and move them around platforms very efficiently so you can always get the best price.
and so when we looked at okay we're going to be designing this perpetual futures platform you need very fast execution on a platform like that because otherwise everyone and their mother who trades on that platform is going to get picked off because your traffic prices have a certain latency this exchange needs to have a certain latency how do you match them up on top of that if you do all of your execution on chain you basically lose the ability for any type of privacy which According to some, it has benefits, like hyperliquid doesn't have MC, and that seems to be totally fine for some, but it's not fine for everyone, right? So we ended up changing the design of the Ondo chain to be less like a full public blockchain.
move the execution of transactions all off-chain, but still have the code that executes the matching engine and the like be distributed among multiple parties, so we as the operator cannot unilaterally just change the code and decide to rip off people or change the ordering priority or move the funds somewhere like none of that is possible because this code is hosted in multiple different instances to increase the accountability and transparency, just like a blockchain does it.
It's like this ability to have the code distributed among multiple attesters, but still have then off-chain execution privacy while keeping a lot of the end states periodically settled on-chain, so you can have transparency on what the real state is, and it remains self-custodial.
I love that in particular because it's solving probably from a TradFi perspective, a very niche issue, right, of portfolio margining.
This solves that problem by bringing the security as a token onto the commodity platform.
If you want to move towards proper 24-7 portfolio margin, not just for hedge funds, but essentially for everyone, this is the way you do it.
Because what do you need a blockchain really for, right? When we were designing Ondo Perps, we took a hard look at what does on-chain infrastructure really allow you to do and what is it good for, right? Blockchains, I think, are extraordinarily good at having a transparent state and enabling permissionless access.
At doing instant settlement or more or less instant settlement and enabling self-custody of your assets.
You can always be in control of your own assets and move them around platforms very efficiently so you can always get the best price.
and so when we looked at okay we're going to be designing this perpetual futures platform you need very fast execution on a platform like that because otherwise everyone and their mother who trades on that platform is going to get picked off because your traffic prices have a certain latency this exchange needs to have a certain latency how do you match them up on top of that if you do all of your execution on chain you basically lose the ability for any type of privacy which According to some, it has benefits, like hyperliquid doesn't have MC, and that seems to be totally fine for some, but it's not fine for everyone, right? So we ended up changing the design of the Ondo chain to be less like a full public blockchain.
move the execution of transactions all off-chain, but still have the code that executes the matching engine and the like be distributed among multiple parties, so we as the operator cannot unilaterally just change the code and decide to rip off people or change the ordering priority or move the funds somewhere like none of that is possible because this code is hosted in multiple different instances to increase the accountability and transparency, just like a blockchain does it.
It's like this ability to have the code distributed among multiple attesters, but still have then off-chain execution privacy while keeping a lot of the end states periodically settled on-chain, so you can have transparency on what the real state is, and it remains self-custodial.
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