Byreal aims to merge CEX-grade liquidity with DeFi transparency
Crypto exchange Bybit has announced the launch of its first decentralized exchange on Solana, named Byreal. The new platform is set for a testnet debut on June 30, with a mainnet launch planned for Q3 2025.
A Hybrid Approach to Trading
According to Bybit CEO Ben Zhou, Byreal is not just another decentralized exchange (DEX). Writing on X, he said, “Byreal combines centralized exchange (CEX) liquidity with DeFi-native transparency. This is what real hybrid finance looks like.”
Byreal will use a combination of RFQ (Request for Quote) and CLMM (Concentrated Liquidity Market Maker) routing. This design aims to offer low-slippage, manipulation-resistant trading, backed by transparent and efficient market-making mechanisms.
Innovative Features and Yield Vaults
Bybit’s official announcement revealed additional features, including a smarter token launchpad and curated yield vaults for assets like bbSOL, offering Solana ecosystem users new opportunities for passive income.
The DEX aims to balance the strengths of both centralized and decentralized platforms. Lily Liu, president of the Solana Foundation, noted, “CEX and DEX can work in harmony. DEXs bring global accessibility and asset diversity, while CEXs offer deep liquidity. Both are essential for building next-gen capital markets.”
DEX Market Surges to All-Time Highs
Bybit’s move comes as DEXs gain historic market share, accounting for 25% of global spot trading volume in May, according to DeFiLlama. Trading volume across decentralized platforms hit $405.3 billion, with PancakeSwap leading at $98.2 billion.
Simon Kim, CEO of venture capital firm Hashed, forecasted that DEXs may surpass CEXs in volume by 2028, emphasizing their foundational role in blockchain-based financial systems.
As of June 10, the total value locked (TVL) in DEXs stood at $20.7 billion, led by Uniswap and Curve. On Solana, DEXs held a TVL of $3.3 billion, with Raydium accounting for over half.
