Kinetiq Unveils Elysium L2 With HYPE as Gas Token

Kinetiq, a liquid staking protocol in the Hyperliquid ecosystem, announced Elysium, a new Layer 2 network designed to increase HyperEVM performance and throughput while improving connectivity with HyperCore. 

Elysium will use HYPE as its gas token and will focus on spot trading, token launches, PropAMMs, and HIP-3 perpetuals.

Kinetiq will devote half of the sequencer fees to buying KNTQ from the open market and permanently removing those tokens from circulation. Ecosystem builders and the project treasury will each take a 25% share.

Source: Kinetiq