The new Layer 2 network aims to boost HyperEVM performance and allocate 50% of sequencer fees to KNTQ buybacks and burns.
Kinetiq introduced Elysium, a Layer 2 network for the Hyperliquid ecosystem, designed to enhance HyperEVM performance and throughput. The L2 will use HYPE as its gas token and focus on spot trading, PropAMMs, token launches, and HIP-3 perpetuals.
Elysium’s sequencer fees will be distributed as follows: 50% for open-market KNTQ buybacks and burns, 25% to ecosystem builders, and 25% to the Kinetiq treasury. The initiative aims to strengthen connectivity with HyperCore while improving transaction efficiency.
The announcement did not include immediate market reactions or price movements for KNTQ or HYPE tokens.