Elysium Testnet Live: Kinetiq Aims for High-Speed DeFi Trading
Kinetiq has launched the public testnet for Elysium, its Hyperliquid-native layer-2 network designed to handle DeFi trading traffic without congestion. The project positions itself as a dedicated solution for Hyperliquid, built on the Arbitrum Orbit framework and aiming for performance targets of 100 to 200 milliseconds per canonical block with an execution capacity of 300 Mgas/s.
Elysium's native gas token is HYPE, which is bridged at a 1:1 ratio. The network is targeting spot trading and token launches as its initial use cases. Half of all fees will go to buybacks and burns of KNTQ, the project's governance token.
Kinetiq already controls the majority of Hyperliquid's liquid staking market, giving it an outsized role in the chain's validator economics and a built-in distribution channel for Elysium adoption. The testnet going live is part of an aggressive development timeline, with mainnet parameters still being refined.