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Bybit Unveils Byreal: A Solana-Based DEX to Bridge CeFi and DeFi with Testnet Launch Imminent

Bybit’s Hybrid DEX Combines CEX Liquidity and DeFi Transparency, Aiming to Redefine On-Chain Trading.

On June 15, Bybit CEO Ben Zhou announced the launch of Byreal, the centralized exchange’s first on-chain decentralized exchange (DEX), set to debut its testnet on June 30. Built on the Solana blockchain, Byreal aims to merge the liquidity depth of centralized exchanges (CEXs) with the transparency and autonomy of decentralized finance (DeFi). With a hybrid routing system combining Request for Quote (RFQ) and Concentrated Liquidity Market Maker (CLMM) mechanisms, Byreal promises low-slippage, Miner Extractable Value (MEV)-resistant trades at high speeds. The mainnet is slated for release in the third quarter of 2025, marking a strategic pivot for Bybit following a $1.4 billion hack earlier this year.

Byreal’s Core Features and Technology

Byreal is designed to address common DeFi pain points, such as high slippage and vulnerability to MEV attacks, by leveraging Solana’s high-throughput, low-cost infrastructure. The RFQ system allows traders to request quotes from liquidity providers, ensuring competitive pricing and improved execution. Meanwhile, CLMM concentrates liquidity around active price ranges, enhancing capital efficiency and reducing slippage. According to Zhou, this hybrid model delivers “CEX-grade liquidity with DeFi-native transparency,” positioning Byreal as a bridge between centralized and decentralized trading paradigms.

Byreal also introduces innovative features to enhance user engagement. The “Reset Launch” mechanism, utilizing Smart Price Laddering and the Fairshare Engine, aims to ensure equitable token distribution during launches, reducing the risk of manipulation seen in some Solana-based platforms like Pump.fun. Additionally, Byreal integrates curated yield vaults, including bbSOL, a liquid staking token developed with Solana ecosystem partners such as Sanctum, Kamino Finance, and Orca. Users staking SOL on Bybit’s Web3 platform receive bbSOL, which can be used within Byreal to access enhanced yield opportunities.

Zhou emphasized Byreal’s focus on “real assets, real traders, real value,” signaling an intent to prioritize substantive projects over speculative meme coins. This approach aligns with Bybit’s broader vision of hybrid finance, where CEXs and DEXs collaborate to create a seamless trading ecosystem.

Strategic Context: Bybit’s Pivot to DeFi

Byreal’s launch comes at a pivotal moment for Bybit. In April, the exchange shuttered several Web3 services, including its NFT marketplace, cloud wallet, keyless wallet, and Web3 points system, following a $1.4 billion hack in early 2025. Byreal emerged as the sole surviving project from this restructuring, reflecting Bybit’s strategic shift toward DeFi. This move is part of a broader trend among major CEXs to integrate on-chain solutions, as seen with Coinbase’s DEX trading and verified pools and Binance’s Binance Alpha platform.

Coinbase’s Base-native routing offers KYC-verified pools to attract institutional investors, while Binance Alpha curates early-stage tokens across multiple blockchains, providing a discovery platform within its app. Bybit’s Byreal, however, focuses on replicating CEX-like spreads on-chain through its RFQ+CLMM router, with built-in yield vaults to retain capital. These initiatives highlight how CEXs are adapting to DeFi’s growth by building trust layers, leveraging brand reputation, and catering to existing user bases.

Solana’s selection as Byreal’s blockchain is strategic. In June, Solana’s weekly DEX trading volume reached $16.7 billion, surpassing Ethereum. Solana’s dApps have generated 58% of DeFi revenue share in May, according to Syndica, underscoring its dominance in decentralized trading. Byreal’s launch capitalizes on this momentum, aiming to boost Solana’s DeFi ecosystem by increasing liquidity and user participation.

Market Dynamics and Competitive Landscape

Byreal enters a competitive DEX market led by Uniswap, which holds a 23% share over the past month and $4.937 billion in TVL, followed by Curve ($2.313 billion) and PancakeSwap ($1.743 billion). Solana hosts established DEXs like Raydium, Orca, and Meteora, but Byreal’s hybrid model and CEX backing could differentiate it. The platform’s focus on spot trading avoids direct competition with Hyperliquid, which dominates 80% of on-chain derivatives volume.

As of press time on June 16, Solana (SOL) trades at $156, with a market capitalization of $82.64 billion and a 24-hour trading volume of $4.97 billion. CEX-backed DEXs often catalyze temporary surges in ecosystem activity. Byreal’s launch could drive further activity on Solana, potentially increasing TVL and trading volume. However, sustained growth will depend on Byreal’s ability to deliver a seamless user experience and competitive yields.

Looking Ahead

Byreal’s testnet launch on June 30 marks a critical milestone for Bybit’s DeFi ambitions. The platform’s success will hinge on its ability to balance CEX efficiency with DeFi transparency while navigating a competitive and volatile market. Zhou’s vision of hybrid finance positions Byreal as a potential gateway to Solana’s on-chain ecosystem, but execution will be key. Traders and investors should monitor the testnet’s performance and community feedback as indicators of Byreal’s long-term viability.

As CEXs like Bybit, Coinbase, and Binance embrace DeFi, the lines between centralized and decentralized finance continue to blur. Byreal’s launch underscores this trend, offering a glimpse into the future of hybrid trading where liquidity, transparency, and accessibility converge.

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