Headline roundup: Kinetiq launches Elysium L2 for Hyperliquid on November 9; Marathon Digital appears to liquidate BTC holdings; JPMorgan expands JPM Coin to institutional clients on Ethereum; Deutsche Bank eyes Asia custody expansion; Nscale loses Microsoft AI partnership.
Tech & Launches ·
Kinetiq announced the November 9 launch of Elysium, a high-performance Layer 2 for Hyperliquid, designed to enable faster spot trading, token launches, and enhanced utility for the HYPE and KNTQ tokens. Meanwhile, Marathon Digital transferred 1,000 BTC to Binance and Gate over five days, suggesting a liquidation of holdings. In institutional expansion moves, JPMorgan began offering its JPM Coin deposit token to institutional clients on Ethereum, while Deutsche Bank targeted Asia custody expansion in 2027.
Elysium positions itself as addressing limitations in HyperEVM by offering improved throughput and performance for builders and traders. The L2 will use HYPE as its gas token and achieve block time parity with HyperCore, the underlying Hyperliquid blockchain. Kinetiq, which has grown to represent a dominant share of HyperEVM's total value locked, argues that Hyperliquid remains underutilized for spot trading despite strong perpetuals activity.
The extent of Marathon Digital's BTC sale and its reasons remain unclear. Details on JPMorgan's rollout timeline and institutional demand, as well as Deutsche Bank's specific custody infrastructure plans for Asia, have not been disclosed.