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Bybit is set to launch Byreal, a hybrid decentralized exchange on Solana, merging centralized exchange liquidity with DeFi transparency to innovate crypto trading.
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Byreal aims to deliver low-slippage, MEV-protected swaps using advanced routing technologies like RFQ and CLMM, enhancing user experience with speed and efficiency.
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According to CEO Ben Zhou, “Byreal isn’t just another DEX; it combines CEX-grade liquidity with DeFi-native transparency, representing the future of hybrid finance.”
Bybit launches Byreal on Solana, a hybrid DEX combining centralized liquidity and DeFi transparency, featuring advanced routing and aiming for Q3 2025 release.
Byreal’s Innovative Hybrid Model: Combining CEX Liquidity with DeFi Transparency
Byreal represents a pioneering approach in decentralized finance by integrating the liquidity depth of centralized exchanges (CEX) with the transparency and security inherent to decentralized exchanges (DEX). This hybrid model is designed to address common DEX limitations such as liquidity fragmentation and slippage, while preserving the decentralized ethos. Bybit’s CEO Ben Zhou emphasizes that Byreal is “the onchain extension of a global exchange,” signaling a strategic move to bridge traditional exchange infrastructure with blockchain-native solutions. This synergy is expected to enhance market efficiency and user trust by providing real-time liquidity alongside transparent transaction records.
Advanced Routing Mechanisms: RFQ and CLMM for Optimal Trading
Byreal’s architecture incorporates two sophisticated routing protocols: Request for Quote (RFQ) and Concentrated Liquidity Market Maker (CLMM). RFQ enables users to solicit competitive pricing from multiple liquidity sources, ensuring optimal trade execution. Meanwhile, CLMM allows liquidity providers to allocate capital strategically within specific price bands, intensifying liquidity concentration around active trading ranges. This dual-routing system is engineered to minimize slippage and protect against Miner Extractable Value (MEV) attacks, which often erode trader profits on decentralized platforms. The combination of these technologies positions Byreal to deliver fast, secure, and cost-effective swaps, addressing critical pain points in current DEX operations.
Competitive Landscape: Byreal’s Position in the Decentralized Exchange Market
The decentralized exchange sector remains highly competitive, with Uniswap dominating approximately 24% of the market and holding $4.9 billion in total value locked (TVL), according to DefiLlama. Other notable players include Curve and PancakeSwap, with TVLs of $1.9 billion and $1.7 billion respectively. Despite the sector’s overall contraction—DEX TVL has declined by 75% since its November 2021 peak—Byreal’s launch on Solana introduces a fresh contender with a unique hybrid model. Bybit’s established reputation and integration of centralized liquidity could provide Byreal with a competitive edge, potentially attracting traders seeking both liquidity depth and decentralized security.
Solana Ecosystem and Byreal’s Strategic Fit
Solana’s blockchain, known for its high throughput and low fees, has primarily been a hub for memecoin activity but also hosts several decentralized exchanges. Raydium leads the Solana DEX market with a 55% share and $1.7 billion TVL. However, Raydium’s trading volume has experienced a significant decline, dropping 88% since January 2025. Byreal’s entry into this ecosystem could revitalize Solana’s DEX landscape by offering a hybrid solution that appeals to both institutional and retail traders. Leveraging Solana’s scalability and Bybit’s liquidity infrastructure, Byreal aims to foster a more robust and transparent trading environment within the Solana network.
Conclusion
Bybit’s Byreal introduces a novel hybrid decentralized exchange model that combines the best of centralized liquidity and decentralized transparency. With advanced routing technologies and a strategic launch on Solana, Byreal is positioned to address key challenges in the DEX space, including liquidity fragmentation and slippage. As the decentralized exchange market continues to evolve amid fluctuating TVL and competition, Byreal’s innovative approach could set new standards for hybrid finance platforms. Traders and liquidity providers should watch Byreal’s testnet launch in June and mainnet rollout in Q3 2025 as potential catalysts for renewed growth in decentralized trading.
