Bybit to launch hybrid DEX Byreal on Solana
Bybit unveils Byreal DEX testnet with mainnet planned for Q3 2025
By the end of June, crypto exchange Bybit plans to launch a decentralized exchange (DEX) on the Solana network. According to CEO Ben Zhou, the new product — called Byreal — is a hybrid DeFi protocol that combines the liquidity of a centralized exchange (CEX) with the transparency of a DEX. It represents Bybit’s on-chain expansion and is expected to have a global reach.
In recent months, Bybit has introduced several new products, including gold trading on its platform. However, this expansion has been accompanied by the closure of certain Web3 services, such as Cloud Wallet, Keyless Wallet, DEX Pro Swap & Bridge, and the NFT marketplace.
Bybit’s decision to launch Byreal on Solana is seen as another positive development for the blockchain. In recent months, Solana has seen growing institutional adoption from players like Kraken, Fidelity, and r3, who have chosen the network for launching new products.
Ben Zhou emphasized that the “CEX + DEX synergy” of Byreal is not just “another DEX.” It combines CEX-grade liquidity with native DeFi transparency, representing what he calls true hybrid finance.
He added that the platform uses a unified liquidity model based on request-for-quote (RFQ) routing and concentrated liquidity market-making (CLMM), allowing it to offer fast execution, low slippage, and protection from MEV on swaps.
https://twitter.com/byreal_io/status/1934085435212308789
“Byreal is a new on-chain liquidity network for the next wave of assets, where real value is quoted, discovered, and traded transparently,” reads a statement on Byreal’s page on X.
Expansion into new strategic areas
Meanwhile, Cryptopolitan suggests that Bybit’s DEX launch decision may be partially inspired by the success of Hyperliquid, a DEX for perpetual futures. Although Bybit has not confirmed whether Byreal will support perpetuals and derivatives, this DEX subsector faces less competition than spot swaps, where platforms like Uniswap, Raydium, Pancakeswap, Aerodrome, Meteora, and Orca already dominate.
According to Grayscale, Hyperliquid accounted for around 80% of all blockchain derivatives volume in May. Its organic growth and liquidity make it a potential competitor to centralized exchanges like Binance and Bybit in the derivatives market.
As for Solana’s appeal, it lies not only in its scalability but also in its revenue generation. According to Syndica, Solana dApps have generated more revenue than all other chains combined for eight consecutive months, holding a 58% share in May.
Solana dApp revenue share. Source: Syndica
In addition to Zhou’s key features, Byreal will offer a fair launchpad model using Smart Price Ladder and Fairshare Engine, along with curated yield vaults.
Prospective users should note that only the testnet will launch on June 30, while the mainnet is expected to go live in Q3 2025.
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