Hyperliquid revenue hits record high as Kinetiq announces Elysium L2

Hyperliquid’s HyperEVM recorded a new all-time high in daily revenue, exceeding $500,000 on August 23. This surge in revenue coincided with increased meme trading activity and a peak of 25,500 trading addresses, the highest count since September of last year. Despite a recent intraday retreat from $83, the HYPE token maintained a daily gain of approximately 1.8% and showed significant long-term growth, including a 79.1% increase over the past year.

In a related development, Kinetiq announced the imminent launch of Elysium, a layer-2 network designed to expand transaction capacity within the Hyperliquid ecosystem. Elysium will utilize HYPE as its native gas token for transaction fees. The network aims to provide an Ethereum-compatible execution environment with performance significantly higher than the current HyperEVM, which has faced capacity issues and high transaction costs during peak activity.

Kinetiq outlined a fee-sharing model for Elysium: 50% of sequencer fees will be used to purchase and burn KNTQ tokens on the open market, while the remaining 50% will be split equally between builders and the Kinetiq treasury. Elysium is intended to support spot markets, token launches, and perpetual deployments.