Bybit CEO Ben Zhou has announced the launch of Byreal, the company’s first on-chain decentralized exchange (DEX) built on the Solana blockchain. Scheduled to go live with its testnet on June 30, 2025, and a mainnet debut in Q3, Byreal represents a milestone in Bybit’s ambitious push toward what Zhou calls “real hybrid finance”.

Image Source: Byreal

Bridging CEX and DeFi

Byreal is designed as a hybrid platform that combines the best features of centralized exchanges (CEX) such as deep liquidity and high-speed execution with the transparency, user control, and permissionless nature of DeFi protocols. According to Zhou, “Byreal isn’t just another DEX. It combines CEX-grade liquidity with DeFi-native transparency. The vision is to bridge the gap between the worlds of traditional finance and blockchain, creating a seamless, efficient trading experience that appeals to both seasoned crypto traders and newcomers seeking the advantages of decentralized systems.

Unified Liquidity and Advanced Routing

What sets Byreal apart is its sophisticated unified liquidity model, which usess both Request-for-Quote (RFQ) and Concentrated Liquidity Market Maker (CLMM) routing. This dual-pronged approach is engineered to deliver:

1. Low-slippage trades: Ensuring that users get the best possible prices with minimal loss during execution.

2. MEV protection: Robust safeguards against Maximal Extractable Value (MEV) attacks, a persistent challenge in DeFi, protecting users from predatory trading practices.

3. CEX-level speed: Maintaining the rapid transaction speeds that users expect from centralized platforms, all while operating in a decentralized environment.

Innovative Features

Byreal is more than just a trading venue. The platform will feature:

1. A fair launchpad model: Powered by Smart Price Ladder technology and a Fairshare Engine, this system aims to democratize token launches, offering more equitable and transparent distribution for new projects.

2. Curated yield vaults: Including integration with bbSOL, Bybit’s Solana-based Liquid Staking Token (LST). Launched in partnership with Solana ecosystem leaders like Sanctum, Kamino Finance, Orca, and Solayer, bbSOL bridges Bybit’s centralized and web3 offerings, allowing users to stake SOL and access DeFi yields seamlessly.

Strategic Shift

The unveiling of Byreal comes on the heels of a significant strategic reorganization at Bybit. In May, the exchange discontinued several web3 services including its Cloud Wallet, NFT marketplace, and DEX Pro as part of a renewed focus on core product quality following a major $1.4 billion security incident. Byreal signals a fresh chapter, with Bybit doubling down on innovation and user-centric solutions in the hybrid finance arena.

Competitive Landscape

Byreal’s launch positions Bybit in direct competition with established Solana DEXs like Raydium, which currently dominates the network’s decentralized trading scene. However, Byreal’s hybrid approach, advanced routing, and deep liquidity could attract both DeFi enthusiasts and mainstream traders seeking a reliable, transparent, and efficient trading experience.

What’s Next?

Byreal’s testnet will go live on June 30, with the mainnet launch slated for Q3 2025. Users will be able to access the platform via byreal.io. Bybit has hinted that Byreal is just the beginning, with more hybrid CEX and DEX initiatives on the horizon as part of its broader strategy to lead the next wave of financial innovation.