Kinetiq launches Elysium Layer 2 to expand Hyperliquid beyond perps

Kinetiq has launched Elysium, a Layer 2 network built to extend Hyperliquid beyond perpetual futures trading and into broader decentralized finance and trading use cases. The new chain is positioned to boost transaction capacity and efficiency across the Hyperliquid ecosystem, though the announcement did not disclose token prices, total value locked, trading volumes, market capitalization or funding figures. The launch matters because Hyperliquid has so far been defined largely by its perps venue, and a dedicated L2 could let Kinetiq attract spot, lending and other onchain activity that would otherwise settle elsewhere. What to watch next is whether Elysium draws measurable TVL and transaction volume, how quickly protocols deploy on the network, and whether activity on the L2 feeds back into Hyperliquid's core trading markets.