@milly_rock7 and 1 otherAnsem discusses Elysium, a rollup built on top of Hyperliquid by the Kinetiq team, the largest liquid staking provider on Hyperliquid. It is designed to fix Hyperliquid's weakest part — the extremely slow HyperEVM side that never got app traction — so teams can actually build more on-chain. He also notes that unlike most L2s, Kinetiq uses a portion of revenue to buy back and burn the Kinetiq token, and coordinates with on-chain apps to buy and burn too, meaning every new app on Elysium could mean more Kinetiq burned.
- 1.
Milly@milly_rock7 Ansem names the one thing that separates Elysium from most L2s. Kinetiq, the team building it, already has a far lower market cap than the big L2s. But the real difference is where the money goes: a portion of revenue is used to buy back and burn the Kinetiq token. And it’s not just them. They’re coordinating with apps on chain to buy and burn Kinetiq too. That’s something “most L2s I think do not do,” Ansem says. Every new app on Elysium could mean more Kinetiq burned. That’s where it gets interesting - 2.
Yasu@yasu0x1 Ansem says Elysium is built to fix the weakest part of Hyperliquid. It comes from Kinetiq, the largest liquid staking provider on Hyperliquid, and it’s a rollup built on top of the chain. HyperCore, where the perps exchange lives, dominates. HyperEVM, the EVM side, is extremely slow and never got the same traction with apps. Elysium is designed to be much more performant, so teams can actually build more on chain. The exchange already won. The app layer is still wide open: