Kinetiq unveils Elysium L2 with HYPE gas

Kinetiq unveiled Elysium on Aug. 24, introducing a layer-2 network designed to increase transaction capacity within the Hyperliquid ecosystem while using HYPE as its gas token. Summary Kinetiq announced Elysium, a Hyperliquid-focused layer-2 network that will use HYPE for transaction fees from launch. Fifty percent of sequencer fees will fund open-market KNTQ purchases, with acquired tokens permanently burned. Builders and Kinetiq’s treasury will each receive 25% of Elysium’s sequencer fees once operations begin. Elysium targets spot markets, PropAMMs, token launches and HIP-3 perpetual deployments across Hyperliquid’s broader ecosystem. Kinetiq has not released technical specifications, launch partners, audited code, or a mainnet date yet. The liquid-staking protocol said Elysium would focus on spot trading, proprietary automated market makers, token launches and HIP-3 perpetual markets. Kinetiq described the launch as “imminent” but did not provide a mainnet date. Elysium L2 targets HyperEVM performance limits Elysium is intended to provide an Ethereum-compatible execution environment with stronger connections to HyperCore, Hyperliquid’s native order-book and trading infrastructu...