Petro D. | ResearchUpdate

@PDmytriiev

Hyperliquid won perps but never cracked spot, and Kinetiq's Elysium is built to change that while sending half its sequencer fees to kinetiq:native. @Enter_Elysium is the first L2 for @HyperliquidX, co-located with HyperCore and pricing off HL's own perp books. Its testnet went live on September 22, and mainnet is about four weeks away. Hyperliquid and $HYPE: → $HYPE is the gas token, and prop AMMs hedging their Elysium flow add perp volume on HyperCore. → $USDC on Elysium earns revenue for Hyperliquid through AQAv2. → The catch is that tokens can move from launch to spot to a HIP-3 perp listing while skipping HyperCore listing fees. The net effect for $HYPE depends on whether the added volume outweighs the lost fees. Kinetiq and kinetiq:native: → Sequencer fees split 50% to kinetiq:native buybacks and burns, 25% to builders, and 25% to the treasury. The buyback is only as large as Elysium's real activity, which is still zero today. → $HYPE bridged to Elysium is auto-staked into $kHYPE, which deepens Kinetiq's LST dominance of over 84% of that market. → Markets XYZ, Earn and EIP-7702 distribution (starting with Fomo) all plug into Elysium, making it the hub of Kinetiq's product stack. Ecosystem: → Elysium is pitched as the default venue for token launches on Hyperliquid, which puts it head-to-head with HyperEVM-native DEXs and launchpads. → Its edge assumes HyperEVM stays constrained. If HL raises gas limits, that moat narrows.

Wednesday, September 23, 2026 at 06:02 PM UTC