Hyperliquid ecosystem expands as new L2 and record revenue accompany broader crypto inflows
DeFi & Yields ·
A new Layer 2 network, rising HyperEVM activity, and fresh institutional and regulatory milestones marked a broad day of activity across crypto markets.
Kinetiq introduced Elysium, a Layer 2 network built for the Hyperliquid ecosystem that uses HYPE as its gas token. Revenue collected through the network's sequencer fees will be divided among token buybacks, ecosystem grants, and a treasury reserve, tying the new chain's economics directly back to the Hyperliquid token. Separately, activity on HyperEVM pushed daily revenue past $500K to a new high, a jump attributed to heightened meme-token trading on the network.
Institutional flows into spot crypto funds also grew, with BlackRock leading a $338M inflow into Bitcoin ETFs while Ether funds attracted an additional $116M. Grayscale added to the day's activity by launching what it described as the first ETF of its kind tracking Zcash, according to The Block. Together, the inflows point to continued institutional appetite for regulated crypto exposure across multiple assets, even as new decentralized infrastructure like Elysium expands on-chain options.
On the regulatory side, World Liberty, backed by Trump, received conditional approval from the Office of the Comptroller of the Currency to operate a national trust bank, a step reported by wublockchain.xyz. The approval signals growing engagement between crypto-linked ventures and federal banking regulators, though the conditional nature of the approval means further steps remain before the bank can begin full operations.
In payments, Visa joined the Monetary Authority of Singapore's BLOOM initiative, an effort designed to link traditional payment systems with stablecoin-based settlement rails, according to a release from prnewswire.com. As part of the initiative, Nium will serve as Visa's first partner to pilot stablecoin settlement, testing whether transactions backed by major currencies such as the US dollar and euro can settle seven days a week, including weekends and holidays, rather than only on standard business days. The pilot aims to shorten settlement delays and give financial institutions faster access to funds without abandoning existing compliance and security standards.
Several elements of the day's developments remain open, including how quickly Elysium attracts sequencer volume, whether HyperEVM's meme-driven revenue proves durable, and what timeline the OCC has set for World Liberty's trust bank to move from conditional to full approval. The scope and duration of the Visa-Nium pilot under BLOOM have not yet been detailed.