Ondo Perps achieved top-5 RWA perpetuals platform status in 3 weeks with $220M+ 24h volume, driven by concentrated activity in a few RWA markets and launch of Ondo Network L1 execution layer.
DeFi & Yields ·
Ondo Perps reached top-5 status among real-world asset perpetuals platforms by 24-hour volume within three weeks of launch, recording over $220 million in daily volume and more than $50 million in open interest. The platform generated $221 million across 28 markets, outpacing Lighter's $191 million spread across 76 markets. This disparity—averaging $7.9 million per market for Ondo versus $2.5 million for Lighter—reflects concentrated trading activity in a select number of RWA markets paired with strong turnover rates.
The growth builds on the recent launch of Ondo Network, presented as an execution layer rather than a standalone blockchain. The system leverages trusted execution environments for high-speed, private transaction processing verified by multiple attesters, while final asset movements settle on public chains. This three-part architecture separates execution, verification, and settlement to achieve speed, privacy, verifiability, and non-custodial control simultaneously.
The immediate challenge lies in deepening open interest across markets beyond the concentrated positions driving current volume. DefiLlama's RWA perps dashboard tracks platform metrics, though sustained growth will depend on whether Ondo can broaden liquidity depth and attract activity beyond its current core RWA markets.