What does Elysium, as the first Layer 2 for Hyperliquid, really bring?

Elysium has launched as the first Layer 2 for Hyperliquid, aiming to restore smart-contract functionality that Hyperliquid deliberately limited in order to protect its order book. The new chain is designed to add programmable features without pulling capital away from Hyperliquid’s core trading venue. It matters because Hyperliquid has prioritized high-performance trading over general-purpose onchain applications, leaving a gap that Elysium now seeks to fill. The key question is whether Elysium can attract developers and activity while keeping liquidity anchored on Hyperliquid rather than fragmenting it across the new Layer 2.