According to CoinMeta, Wu said that the DeFi protocol Kinetiq has announced the launch of a new L2 network Elysium, aimed at improving the performance and throughput of HyperEVM and strengthening connections with Hypercore. Elysium will use HYPE as its token, with a focus on supporting spot trading, Propamm, token issuance, and HIP-3 perpetual contracts, among other use cases. Of the Elysium's Sequencer revenue, 50% will be used to repurchase and destroy KNTQ from the public market, 25% will be allocated to ecosystem application developers, and 25% will go into Kinetiq Treasury. Kinetiq indicates that Elysium is about to go live, with specific technical specifications and partners to be announced later on.