Elysium has opened its testnet ahead of a planned Nov. 9 mainnet launch, positioning itself as the first general-purpose Layer 2 network designed for Hyperliquid's ecosystem. The network is intended to settle to HyperEVM while operating alongside HyperCore, Hyperliquid's high-speed trading layer, giving developers a separate environment for applications that need lower-cost execution without leaving the ecosystem.
The launch arrives as projects built around Hyperliquid explore different ways to extend its trading-focused infrastructure. Elysium is pursuing an application network, while Backtrade is preparing a highly leveraged perpetual futures venue on HyperEVM. Separately, StableStock has begun distributing Genesis points after announcing a strategic financing round at a $75 million valuation.
Elysium prepares a Layer 2 for Hyperliquid applications
Elysium said its testnet is live, with community tasks available through pages administered under the @ElysiumEco account. Its mainnet is scheduled for Nov. 9, according to the project. HYPE, Hyperliquid's native token, is set to serve as Elysium's gas token, meaning users would pay transaction fees in HYPE.
The design places Elysium in a distinct position from standalone Ethereum Layer 2 networks. Rather than building around Ethereum settlement directly, it is designed to settle to HyperEVM, the Ethereum-compatible smart-contract environment connected to Hyperliquid. Co-location with HyperCore could allow applications to interact more closely with the liquidity and trading infrastructure that have become central to Hyperliquid's network.
A general-purpose Layer 2 could give developers room to build lending markets, trading tools, consumer applications, and other protocols without placing all activity directly on HyperEVM. The practical value of that design will depend on whether developers deploy useful applications and whether the bridge, settlement process, and user experience work reliably after mainnet opens.
The testnet offers users an early route to try the network before it handles production assets. Testnet participation often involves wallet connections, transaction testing, and interaction with prototype applications, but it does not guarantee token rewards, fee discounts, or future eligibility for any distribution.
Backtrade opens waitlist for 1000x leverage venue
Backtrade has also opened an early waitlist for its perpetual futures platform, which is being built on HyperEVM and plans to offer BTC and ETH contracts with leverage of up to 1000x. Perpetual futures are derivatives that track an asset's price without a fixed expiry date.
The proposed leverage level places Backtrade at the most aggressive end of the cryptocurrency derivatives market. At 1000x leverage, a trader can control a position worth 1,000 times the collateral posted, leaving very little room for adverse price movement before liquidation. Even small moves in Bitcoin or Ethereum can erase the margin backing such a position.
Backtrade says its system will execute positions against the Hyperliquid mid-price and will use the protocol's liquidity provider, or LP, as the counterparty. The project advertises one-click position opening and closing, along with no spread, no slippage, no funding fees, and free position opening. Those conditions would depend on the venue's final design and liquidity management once live, particularly during volatile markets when mid-price execution and rapid liquidation can be difficult to maintain.
Its unusual feature is a loss minting mechanism tied to the BACK token. According to Backtrade, BACK is minted when traders close positions at a loss or are liquidated. The initial formula would mint 100 BACK for every $1 lost when the platform's LP has less than $500,000 in liquidity.
The model effectively turns trading losses into the route for acquiring the token, rather than selling tokens directly to users. Backtrade describes BACK as a fair-launch asset available only through losses. Staked BACK would be eligible to receive a share of platform fee revenue and excess LP returns, paid in USDC, according to the project.
That structure creates a direct connection between the platform's most speculative activity and its token distribution. It may attract users seeking early access to a new trading protocol, but it also gives the system incentives that differ sharply from conventional spot trading or simple token ownership. The value of any BACK rewards would depend on trading activity, liquidity, token demand, fee generation, and the protocol's ability to manage losses and liquidations.
StableStock adds Genesis points after $75 million valuation round
StableStock, meanwhile, has launched its Genesis points program following a strategic round that valued the company at $75 million. The company said the round included Amber, Nomad Capital, Flow Traders, and Gate. Earlier funding came from YZi Labs, MPCi, and Vertex Ventures after StableStock joined the first cohort of YZi Labs' EASY Residency incubation program.
The Genesis program went live on Nov. 2. Users can earn points by trading or holding eligible U.S., Hong Kong, and South Korean stocks and ETFs on the platform, including through spot and leveraged spot activity. StableStock said points are distributed daily, past qualifying activity will be counted retroactively, and early users may receive boosts.
StableStock's model is built around access to real equities rather than synthetic stock-price products. The company says trading, settlement, and custody are handled through licensed brokerage and custody infrastructure, while users fund activity with USDT or USDC. It also says positions can be represented as 1:1-backed sTokens, which could make them usable in DeFi and yield products.
That approach attempts to connect regulated securities infrastructure with on-chain functionality. The challenge is operational as much as technical: tokenized positions must preserve the relationship between the on-chain representation, the underlying share, the custodian, and the rules governing the relevant market. Access can also vary by jurisdiction, even when a platform supports stablecoin settlement.
StableStock said it has more than 24,900 active users and has processed over $398 million in cumulative trading volume. The Genesis campaign gives it a way to encourage retention and trading activity while it develops the market for tokenized equity positions.
Together, the announcements show an ecosystem moving in several directions at once: tokenized access to listed equities, extreme-risk derivatives, and new infrastructure for decentralized applications. Elysium's mainnet launch will provide the clearest near-term test of whether Hyperliquid's trading base can support a broader application layer without compromising the speed and liquidity that drew users to the network.
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