Kinetiq has launched the public testnet for Elysium, a layer-2 network built on the Arbitrum Orbit framework designed for the Hyperliquid ecosystem. Developers can now access the network using chain ID 99801, along with a block explorer, bridge, faucet, and public RPC endpoint.
The network aims to achieve an execution capacity of 300 Mgas/s and block times between 100 and 200 milliseconds. These performance targets are intended to exceed the current capabilities of HyperEVM, focusing primarily on spot trading and token launches.
The native gas token for the network is HYPE, which is bridged at a 1:1 ratio. The fee structure allocates 50% of sequencer fees to buybacks and burns of the KNTQ governance token, 25% to network builders, and 25% to the Kinetiq treasury.
Kinetiq currently holds a dominant position in the Hyperliquid liquid staking market. The project's governance token, KNTQ, is traded on the Kraken exchange and experienced a price increase of approximately 30% following the initial announcement of Elysium in August.
