Bybit, a prominent cryptocurrency exchange, is poised to launch Byreal, its inaugural decentralized exchange (DEX), on the Solana blockchain. This strategic move aims to bridge the gap between centralized exchanges (CEX) and decentralized finance (DeFi), offering users a blend of both worlds. The testnet is scheduled for launch on June 30, 2025, while the mainnet is expected to go live in Q3 2025.
Bybit's CEO, Ben Zhou, announced Byreal on X, describing it as a hybrid DeFi protocol that combines CEX liquidity with DEX transparency. Byreal is designed as an on-chain extension of Bybit, intending to expand its global reach. Zhou emphasized that Byreal isn't just another DEX, but a combination of CEX-grade liquidity with DeFi-native transparency.
Byreal will employ a unified liquidity model utilizing Request for Quote (RFQ) and Concentrated Liquidity Market Maker (CLMM) routing. This hybrid approach is intended to achieve high speeds, minimize slippage, and protect users from Maximum Extractable Value (MEV). In essence, RFQ seeks the best prices before a trade, while CLMM stabilizes prices and ensures fairness.
In addition to its core features, Byreal will also incorporate a fair launchpad model using a Smart Price Ladder and Fairshare Engine, alongside curated yield vaults. The Smart Price Ladder and Fairshare Engine aim to ensure fairer token allocation during launches and prevent predatory trading behaviors. Another unique addition is the Revive Vault, a yield-generating tool that will curate return opportunities across Solana-based assets.
Bybit's decision to launch Byreal on Solana is seen as a strategic move, with Solana dApps generating more revenue than all other chains combined for eight consecutive months, holding a 58% share in May. Launching on Solana provides Byreal with the advantages of high-speed and low-cost transactions, establishing it as a significant player in Solana's burgeoning DeFi landscape.
The launch of Byreal also signifies Bybit's broader exploration into the DeFi ecosystem. By combining the efficiency and liquidity of CEXs with the transparency and autonomy of DeFi, Byreal aspires to attract a new wave of hybrid crypto users. This initiative not only reinforces Solana's position in the DeFi space but also sets a new benchmark for decentralized exchanges.
While Bybit expands its product offerings with Byreal, it has also discontinued certain Web3 products, including Cloud Wallet, Keyless Wallet, DEX Pro Swap & Bridge, and its NFT marketplace. Despite these closures, Bybit has experienced substantial growth, recently obtaining a MiCAR license in Austria, enabling it to operate as a fully compliant crypto exchange in Europe. The exchange has also surpassed 70 million registered users.
Byreal's emergence on the Solana network is a positive development for the blockchain, with growing institutional adoption from entities like Kraken, Fidelity, and r3. Byreal aims to introduce new users, assets, and demand to the Solana ecosystem, fostering more capital, assets, and velocity for all participants.
