Bybit to launch new Solana-based exchange
Bybit unveils Byreal, a Solana-based DEX bridging CEX speed with DeFi transparency
Crypto exchange Bybit is entering the decentralized finance (DeFi) race with the announcement of Byreal, a new Solana-based decentralized exchange (DEX).
The hybrid platform, which combines centralized exchange (CEX) liquidity with DeFi-native transparency, will launch its testnet on June 30, with a full mainnet debut slated for Q3 2025, according to Bybit CEO Ben Zhou, reports Cointelegraph.
Zhou emphasized Byreal’s unique architecture, calling it “the onchain extension of a global exchange.” Byreal is expected to offer low-slippage, MEV-protected swaps, leveraging both Request for Quote (RFQ) and Concentrated Liquidity Market Maker (CLMM) models to deliver near-instant trade execution. “This is what real hybrid finance looks like,” Zhou wrote on X, describing the platform as a bridge between the speed and depth of CEXs and the openness of DeFi.
Innovative routing tech aims to tackle DeFi’s biggest bottlenecks
At its core, Byreal will utilize unified liquidity pools and smart routing through RFQ and CLMM to optimize price discovery and slippage protection. RFQ enables users to receive competitive trade quotes before execution, while CLMM—made popular by Uniswap V3—concentrates liquidity within targeted price ranges, enhancing capital efficiency. This dual mechanism, Zhou claims, will allow Byreal to rival traditional DEXs in both depth and speed, all while maintaining non-custodial transparency.
Bybit’s entry comes as DEX volumes remain 75% below their 2021 highs, with $20.3 billion in total value locked (TVL) as of mid-June 2025, according to DeFiLlama. Market leader Uniswap holds a 24% share with $4.9 billion in TVL, followed by Curve and PancakeSwap. The Solana DEX ecosystem is similarly competitive, with Raydium controlling 55% of the chain’s TVL at $1.7 billion.
A high-stakes bet in a saturated but evolving DeFi market
Byreal’s success will hinge on whether its hybrid model can attract serious trading volume in a crowded landscape and bring institutional-level features to DeFi users. With Solana’s reputation as a high-throughput chain for memecoin and NFT trading, Byreal hopes to expand the chain’s appeal beyond speculative assets.
Although Raydium surged in January during the memecoin frenzy, its volume has since plunged 88%, underlining the volatility of DEX adoption. Bybit’s gamble is that real utility, not hype, will define the next generation of decentralized exchanges.
Recently we wrote that Coinbase and Gemini are on the verge of securing key licenses under the European Union’s Markets in Crypto-Assets (MiCA) regulation, which enables crypto firms to operate seamlessly across all 27 EU member states.
