Crypto exchange Bybit is launching Byreal, a hybrid decentralized exchange on Solana that combines centralized exchange liquidity with DeFi transparency.
Crypto exchange Bybit has announced that it aims to release its new Solana-based decentralized exchange Byreal in the third quarter, with a testnet version coming out at the end of June.
In an X post on Sunday, company chief executive Ben Zhou added that what makes the new exchange special is that it has CEX (centralized exchange) and DEX synergy.
“Byreal isn’t just another DEX,” he said, adding that it combines “CEX-grade liquidity with DeFi-native transparency.”
“This is what real hybrid finance looks like,” he said.
“We’re building the onchain extension of a global exchange, combining CEX-grade liquidity with DeFi-native transparency,” said the Byreal team, adding the testnet is launching on June 30 and mainnet will be coming in Q3, 2025.
It’s official. Byreal is here.👋🏽
Incubated by @Bybit_Official, born on @Solana.
Byreal is a new onchain liquidity network for the next wave of assets — where real value is listed, discovered, and traded transparently. pic.twitter.com/seDoKdZCKw
— Byreal (@byreal_io) June 15, 2025
Byreal built with advanced routing
Zhou said that Byreal will have “unified liquidity and speed” and was designed with RFQ (Request for Quote) and CLMM (Concentrated Liquidity Market Maker) routing.
“Byreal gives users low-slippage and MEV-protected swaps at serious speed,” he said.
RFQ is when a buyer or seller requests quotes from one or more sources to find the best price. CLMM allows liquidity providers to concentrate their capital within specific price ranges where they expect trading to occur, creating much deeper liquidity around the current market price.
Related: Bybit denies $1.4M listing fee, school promo accusations on X
Bybit DEX enters a crowded marketplace
The Bybit DEX is entering a competitive market for decentralized exchanges with Uniswap as the market leader with a 24% share and $4.9 billion in total value locked, according to DefiLlama.
Curve DEX and PancakeSwap follow with $1.9 billion and $1.7 billion in total value locked, respectively.
DEX TVL is $20.3 billion, which is 75% down from its peak of $80 billion in November 2021.
Solana DEX scene
While Solana has been primarily used to mint and trade memecoins, there are a number of decentralized exchanges on the network.
The largest of which is Raydium, which has $1.7 billion in TVL and a 55% market share of the total locked on in the Solana ecosystem.
Raydium usage surged in January when memecoin traders flocked to the DEX to trade tokens from Pump.fun marketplace; however, volume has tanked by 88% since then, reported DefiLlama.
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