Kinetiq Launches Hyperliquid L2 Network Elysium, HYPE as Native Gas Token

Kinetiq has announced the launch of the Hyperliquid L2 network Elysium, aimed at addressing the performance bottlenecks of HyperEVM and the complexities of the dual-block architecture. Elysium will utilize HYPE as its native gas token, enabling seamless integration with HyperCore and HyperEVM, with expected block performance on the first day surpassing that of HyperEVM. Elysium will customize the L1Read precompiled contracts to make Hyperliquid pricing and liquidity data accessible to applications and traders within the network, serving as the native oracle of the ecosystem to provide richer market information. Elysium will also support token issuance, allowing projects to start with long-tail asset AMMs and gradually integrate into Elysium's PropAMM and HyperCore spot order book, obtaining eligibility for perpetual contract listings through HIP-3. In terms of the economic model, Elysium's sequencer fees will be distributed as follows: 25% to application builders, 25% to the Kinetiq treasury, and 50% for programmatic purchases of KNTQ tokens, with the purchased portion being fully burned and sent to the Hyperliquid assistance fund. Kinetiq stated that Elysium will be launched soon, with specific technical details and core partner information to be announced in due course.

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