KNTQ once surged over 30%, and Kinetiq isn’t satisfied with just being a liquid staking protocol. The newly launched Elysium targets the gap in Hyperliquid’s 'strong contracts, weak spot market,' using HYPE as Gas and allocating 50% of sequencer revenue to buy back and burn KNTQ. For HYPE, this means continued expansion of the ecosystem boundaries; for KNTQ, it’s a revaluation from 'staking protocol' to 'L2 infrastructure.' The story has been laid out—now it’s up to Elysium to see if it can truly bring Hyperliquid’s liquidity to the spot market and DeFi.