Elysium: Announcement of Hyperliquid Gas Token Usage and KNTQ Burn Design

Kinetiq has unveiled Elysium, a Layer 2 network dedicated to the Hyperliquid ecosystem. Elysium will use Hyperliquid as its gas token and aims to provide an Ethereum Virtual Machine (EVM) execution environment. The concept was announced on the 24th, Eastern Time, and Hyperliquid will be utilized as an asset for network fee payments. The fees will be allocated as follows: 25% for developer incentives, 25% for Kinetiq finance, and 50% for KNTQ buybacks and burns. KNTQ is described as the central token for protocol value accumulation, with a portion of the revenue being used for KNTQ buybacks. Elysium aims to facilitate spot trading, PropAMM, token launches, and an indefinite futures execution environment based on HIP-3. While Hyperliquid has shown a strong presence in on-chain derivatives trading, the expansion into spot trading and DeFi app ecosystems remains a challenge. The KNTQ price has risen by 15.15% in the last 24 hours to $0.2234. The fee design of Elysium is interpreted as targeting the interests of developers and token holders. The official mainnet transition date and final technical specifications have not yet been disclosed.

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