Hyperliquid’s HyperEVM environment generated more than $500,000 in daily revenue on Aug. 23 as meme-coin trading and broader decentralized-exchange activity accelerated. DEX trading addresses reached 25,500, the highest level since September last year, while Hyperliquid produced $21.449 million in revenue over the latest seven-day period. Trading fees accounted for $19.33 million, followed by HyperEVM gas fees at $1.04 million, priority fees at $671,000 and auctions at $408,000. Hyperliquid directs all of those revenue streams to HYPE burns through open-market purchases or by burning revenue received directly in HYPE. Separately, Kinetiq announced Elysium, a Layer 2 network designed to connect directly to HyperCore, Hyperliquid’s native order book, and support spot trading, PropAMMs, token launches and HIP-3 perpetuals. Half of Elysium’s sequencer fees will finance KNTQ purchases and burns, with 25% going to ecosystem builders and 25% to Kinetiq’s treasury. KNTQ rose as much as 30% after the announcement and traded at $0.2289 on Aug. 25, up 9.94% over 24 hours. HYPE rose roughly 1.8% over the session but fell back after testing $83; it traded at $80.22 at 11:51 UTC on Aug. 25, up 0.43% over 24 hours. Elysium’s launch date, technical specifications and performance claims remain unresolved, as does whether it can become a durable revenue source for KNTQ while kHYPE’s share of staked HYPE declines.