Bybit, a prominent crypto exchange, recently revealed plans to roll out its new Solana-powered decentralized exchange (DEX), Byreal, in the third quarter. The testnet version is expected to be released by the end of June, as announced in a recent post by the company’s CEO, Ben Zhou.
Zhou emphasized the unique selling point of the new exchange: its combination of centralized exchange (CEX) and decentralized exchange (DEX) elements. “Byreal is more than just another DEX. It merges CEX-level liquidity with the transparency inherent in DeFi. This represents true hybrid finance,” Zhou stated.
“We are constructing an on-chain extension of a global exchange, fusing CEX-level liquidity with DeFi-native transparency,” the Byreal team added. They also announced that the testnet is set to launch on June 30, while the mainnet is anticipated in Q3, 2025.
With advanced routing features, Byreal promises unified liquidity and speed. It integrates RFQ (Request for Quote) and CLMM (Concentrated Liquidity Market Maker) routing. This enables users to benefit from low-slippage and MEV-protected swaps at high speeds.
Despite entering a competitive DEX market currently dominated by Uniswap, Bybit is optimistic about its new offering. DEXs have seen a notable decline in total value locked (TVL), dropping 75% from its peak of $80 billion in November 2021 to $20.3 billion.
Solana’s network, known mainly for minting and trading memecoins, hosts several decentralized exchanges. Raydium, the largest among them with a TVL of $1.7 billion, commands a 55% market share of the total locked in the Solana ecosystem.
