Crypto exchange Bybit is stepping into the decentralized exchange (DEX) arena with the upcoming launch of Byreal, a Solana-powered platform that aims to blend the best features of centralized and decentralized finance.
The exchange is scheduled to roll out its testnet on June 30, with a mainnet launch expected in the third quarter of 2025, according to CEO Ben Zhou.
In an announcement made via X on Sunday, Zhou emphasized Byreal’s hybrid nature, describing it as a platform that offers “CEX-grade liquidity with DeFi-native transparency.” The exchange will operate as an on-chain extension of Bybit’s global trading platform, aiming to deliver low-slippage, MEV-protected swaps at high speed.
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 will leverage Request for Quote (RFQ) and Concentrated Liquidity Market Maker (CLMM) routing to enhance trade execution and liquidity depth. RFQ enables users to receive competitive pricing by sourcing quotes from multiple providers, while CLMM allows liquidity providers to focus capital within targeted price ranges, boosting efficiency.
Bybit’s move comes amid fierce competition in the DEX space. Uniswap currently leads the market with a 24% share and $4.9 billion in total value locked (TVL), followed by Curve and PancakeSwap with $1.9 billion and $1.7 billion, respectively, according to data from DefiLlama. The total DEX TVL stands at $20.3 billion, which is still significantly below its peak of $80 billion in November 2021.
On Solana, Raydium dominates as the leading DEX, holding $1.7 billion in TVL and commanding 55% of the ecosystem’s market share. The platform experienced a spike in activity earlier this year due to memecoin trading from Pump.fun but has since seen an 88% drop in volume.
Just recently, Bybit launched a new integrated rewards system that consolidates benefits across its payment platforms, including Bybit Pay and Bybit Card. The unified program is designed to accelerate tier upgrades, increase cashback potential, and instantly activate rewards, offering a more streamlined and rewarding experience for users.
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