Enso is live on Elysium

Enso

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Enso is live on Elysium

Hyperliquid’s traditional-asset markets now see billions in trading volume. Enso and xStocks are bringing tokenized stocks and ETFs to Kinetiq’s new Layer 2.

Enso is supporting the launch of Elysium, Kinetiq's new high-performance Layer 2 for Hyperliquid, bringing its execution and orchestration infrastructure to an ecosystem experiencing rapid growth in demand for traditional financial assets.

Having routed more than $1 billion for Kinetiq and Markets.xyz, Enso will serve as the official bridge provider for Elysium, routing assets into the network. Through its collaboration with xStocks, Enso will also support access to tokenized equities and ETFs, enabling financial applications to integrate traditional market assets into onchain products.

The launch comes as Hyperliquid establishes itself as a significant venue for trading traditional financial instruments, with growing activity across equities, commodities, and indices. Elysium aims to build on that demand by providing a high-performance environment for financial applications, supported by infrastructure that connects capital, tokenized assets, and DeFi markets.

Hyperliquid is now a major venue for traditional assets

HIP-3 launched in October 2025. It opened Hyperliquid’s infrastructure to permissionless perpetual markets on equities, commodities, indices, and other traditional instruments, and volume followed quickly.

HIP-3 markets had done roughly $665 billion in cumulative volume by October 20, 2026 according to Coinperps. Monthly volume went from under $1 billion in October 2025 to over $115 billion in July 2026. In July, these markets made up more than half of Hyperliquid’s perpetual trading volume.

These markets are also bringing in new users. DefiLlama found that 169,514 wallets made their first Hyperliquid trade in an RWA market in the first half of 2026. That is close to a third of the new trading wallets in its analysis.

Perpetual contracts are only part of the picture. Transferable tokenized assets let users hold that same exposure, move it, and build it into other financial products.

From trading stocks onchain to using them

xStocks offers eligible users tokenized versions of public companies and ETFs. Each token is backed 1:1 by the underlying asset. The tokens move between supported networks, wallets, exchanges, and DeFi protocols.

In August 2026, xStocks launched spot markets on HyperCore for five assets: Nvidia, the S&P 500, the Nasdaq-100, SK Hynix, and Micron. That moved traditional-asset activity on Hyperliquid beyond perpetuals into transferable spot instruments. Since launching in June 2025, xStocks has reported nearly $40 billion in cumulative transaction volume across its supported ecosystems.

The next step is DeFi. As protocols add support, tokenized equities can go into lending markets, collateralized positions, liquidity strategies, and other products. That requires infrastructure that can source the assets, reach liquidity, and execute the transactions needed to move between protocols and networks.

What Enso does on Elysium

Enso already works with xStocks. Through a single API, wallets, trading platforms, and fintech apps can offer access to supported tokenized equities. On Elysium, Enso extends that infrastructure so teams can build more advanced financial products in the Hyperliquid ecosystem.

An app that integrates Enso gets two things:

  • Routing that reaches supported assets and liquidity sources.
  • DeFi execution that can swap, supply collateral, borrow, or combine several protocol actions, where the underlying markets support it.

Say an app wants to let an eligible user buy a tokenized stock and then use it in a lending or collateral strategy. Enso coordinates the transactions behind that. The app can offer it as one product instead of a string of separate steps.

This matters more as tokenized assets spread across issuers, liquidity venues, and networks. An app integrates Enso’s execution layer once. From there, it can add new assets and protocols as they become available.

Why Elysium

Kinetiq built Elysium as a Layer 2 for the Hyperliquid ecosystem. It targets 100-millisecond blocks and 300 million gas per second. That speed is aimed at high-frequency trading, automated market-making, and more complex DeFi applications.

Elysium settles to HyperEVM and supports token transfers between the two. It also connects to HyperCore’s trading infrastructure, so tokenized assets can move between Hyperliquid’s trading venues and its smart-contract applications.

For tokenized equities, speed is only part of it. Apps also need:

  • Reliable execution.
  • Access to liquidity.
  • A way to combine operations as users move assets between trading, lending, and investment strategies.

Enso’s infrastructure is built for those workflows, so apps on Elysium can add tokenized assets to their products with less integration work.

What comes next

Hyperliquid has shown real demand for traditional assets onchain. Tokenized equities are now live on HyperCore, and Elysium adds smart-contract capacity. The open question is what applications will do with those assets.

Enso’s support for Elysium, together with its xStocks collaboration, combines tokenized-asset access and DeFi execution in one infrastructure layer. As more assets come onchain, trading platforms, wallets, and financial institutions can build products that pair traditional market exposure with programmable financial services.

If you're building on Elysium, start building with Enso.

Documentation: https://docs.enso.build/home