Bybit is preparing to launch its first decentralized exchange, Byreal. The testnet goes live by the end of June. The full launch is expected in the third quarter of 2025.
Author: Sahil Thakur
Bybit is preparing to launch its first decentralized exchange, Byreal. The testnet goes live by the end of June. The full launch is expected in the third quarter of 2025.
Byreal is built on Solana. The platform aims to combine centralized exchange liquidity with the transparency of DeFi. CEO Ben Zhou described it as “real hybrid finance.”
Byreal uses a mix of two systems: Request for Quote (RFQ) and Concentrated Liquidity Market Maker (CLMM).
RFQ allows market makers to give real-time quotes. It’s often used for large trades in over-the-counter markets. CLMM, made popular by Uniswap v3, lets liquidity providers focus their capital on certain price ranges.
Together, these features aim to offer low-slippage, fast, and MEV-protected swaps. This design brings deeper liquidity and faster trade execution.
Zhou also hinted that more hybrid products may follow.
Byreal will run on the Solana blockchain. Solana offers fast transactions and low fees. This makes it suitable for high-speed, on-chain trading.
Raydium currently leads Solana’s DEX market. It holds 55% of the network’s total value locked. However, trading volume on Raydium has dropped sharply in recent months. Byreal could step in to capture some of that activity.
Byreal enters a competitive field. Uniswap, Curve, and PancakeSwap dominate the DEX space on other chains. Total DEX value locked is around $20 billion. This is far below its $80 billion peak in 2021.
Bybit wants to offer a better trading experience. With Byreal, it is trying to combine the best parts of centralized and decentralized platforms.
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