key takeaways if you’re watching the elysium mainnet tmr (nov 9): hyperliquid owns onchain perps. its weak spots are spot trading and a slow hyperEVM. @Enter_Elysium is @Kinetiq_xyz’s attempt to fix both. the core: + what it is: an L2 for hyperliquid, built on arbitrum orbit, settling to hyperEVM + gas: HYPE, bridged 1:1 from hyperEVM. no new gas token to farm or dump + capacity target: 300 Mgas/s with 100-200 ms blocks, ~100x hyperEVM’s ~3 Mgas/s. still a target until mainnet load proves it + who it’s for: market makers running prop-AMMs. on solana, prop-AMMs have done 30x+ the spot volume of hyperCore, per kinetiq + fee split: 50% of sequencer fees go to KNTQ buyback and burn, 25% to builders, 25% to kinetiq treasury context on kinetiq: ~$850m of HYPE staked through kHYPE, roughly 80% of all liquid-staked HYPE. but kHYPE tvl fell ~29% in the last 30 days, and liquid staking keeps losing share to native staking. ➜ elysium is kinetiq’s second revenue engine. more activity on elysium = more fees in HYPE = more KNTQ bought and burned. using HYPE as gas keeps the chain aligned with hyperliquid instead of pulling liquidity into a new token. for perp traders, nothing changes. elysium is a spot play. the token path kinetiq is pitching: long-tail AMM on elysium → prop-AMM liquidity → hyperCore spot order book → HIP-3 perp listing a token can go from launch to perps without leaving the hyperliquid stack. most tokens won’t make it past step one. what to watch: + hyperCore read/write (order book data + fast order lane) ships ~4 weeks after mainnet, not day one. day one is mainly a fast EVM + whether prop-AMM market makers actually show up with real order flow ➜ if both land, elysium gives the trenches what they’ve never had on hyperliquid: deep spot liquidity. if not, it’s a fast chain with little to trade.