TLDR
- Bybit is launching Byreal, a hybrid DEX on Solana in Q3 2025, with testnet release on June 30
- Byreal combines CEX liquidity with DeFi transparency for a “hybrid finance” approach
- The platform features RFQ and CLMM routing for low-slippage and MEV-protected swaps
- Bybit enters a competitive DEX market led by Uniswap, which holds 24% market share
- Raydium is currently Solana’s largest DEX with $1.7 billion TVL and 55% ecosystem market share
Crypto exchange Bybit has announced plans to launch a new decentralized exchange called Byreal on the Solana blockchain. The platform aims to bring a hybrid approach to cryptocurrency trading by combining the liquidity of centralized exchanges with the transparency of decentralized finance.
According to Bybit CEO Ben Zhou, the new DEX will launch its testnet on June 30, with the full mainnet release planned for the third quarter of 2025. Zhou made the announcement in an X post on Sunday, emphasizing the unique value proposition of the new platform.
“Byreal isn’t just another DEX,” Zhou stated. “It combines CEX-grade liquidity with DeFi-native transparency. This is what real hybrid finance looks like.”
The Byreal team echoed this sentiment in their launch announcement. “We’re building the onchain extension of a global exchange, combining CEX-grade liquidity with DeFi-native transparency,” they said.
Advanced Trading Features
Byreal will incorporate advanced routing technologies to improve trading efficiency. The platform is designed with Request for Quote (RFQ) and Concentrated Liquidity Market Maker (CLMM) routing capabilities.
Zhou explained that these features will provide “unified liquidity and speed” for users. “Byreal gives users low-slippage and MEV-protected swaps at serious speed,” he added.
For traders, the RFQ system means they can request quotes from multiple sources to find the best price for their trades. The CLMM functionality allows liquidity providers to focus their capital within specific price ranges where trading is expected to occur, creating deeper liquidity around current market prices.
These technical features aim to address common challenges in decentralized exchanges, such as slippage and front-running attacks, also known as MEV (Miner Extractable Value).
Competitive DEX Landscape
Bybit’s new DEX enters an already crowded marketplace for decentralized exchanges. According to data from DefiLlama, Uniswap currently leads the market with a 24% share and $4.9 billion in total value locked (TVL).
Following Uniswap are Curve DEX and PancakeSwap with $1.9 billion and $1.7 billion in TVL, respectively. The overall DEX market currently has a TVL of $20.3 billion, which represents a 75% decrease from its peak of $80 billion in November 2021.
The DEX market has shown little growth over the past three years, with TVL remaining relatively flat according to DefiLlama data.
Solana’s DEX Ecosystem
While Solana has gained popularity primarily for minting and trading memecoins, the blockchain already hosts several decentralized exchanges. Raydium currently stands as the largest DEX on Solana, with $1.7 billion in TVL and a 55% market share of the total value locked in the Solana ecosystem.
Raydium experienced a surge in usage earlier this year when memecoin traders flocked to the platform to trade tokens from the Pump.fun marketplace. However, trading volume has since decreased by 88%, according to DefiLlama.
Bybit’s entrance into the Solana DEX space comes at a time when the blockchain continues to gain traction for its high throughput and low transaction costs, making it an attractive platform for DeFi applications.
The Byreal launch represents Bybit’s strategic move to expand its footprint in the decentralized finance sector while leveraging its existing centralized exchange infrastructure and liquidity pools.
Users interested in trying the new platform can access the testnet when it launches on June 30, with the full mainnet release expected later in the third quarter of 2025.
