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Kinetiq announces Elysium Layer-2 network
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Kinetiq announces Elysium Layer-2 network

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  • Kinetiq has announced Elysium, a Layer-2 network for the Hyperliquid ecosystem.
  • Elysium will use Hyperliquid (CRYPTO:HYPE) for transaction fees.
  • Kinetiq plans to allocate 50% of sequencer fees to KNTQ purchases and burns.

Kinetiq has announced Elysium, an Ethereum-compatible Layer-2 network for the Hyperliquid ecosystem.

The network will use Hyperliquid (CRYPTO:HYPE) for transaction fees and support several market applications.

These applications will include spot markets, token launches and perpetual markets, according to Kinetiq.

Kinetiq said Elysium is intended to address capacity limits on HyperEVM during periods of high activity.

The company said simple swaps on HyperEVM have reached fees of up to $20 during busy periods.

Kinetiq plans to use 50% of Elysium's sequencer fees for open-market KNTQ purchases and burns.

Applications using Elysium would receive 25% of sequencer fees, while Kinetiq's treasury would receive the remaining 25%.

At the time of reporting, Hyperliquid price was $81.64.

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