Crypto exchange Bybit has announced plans to launch its new Solana-based decentralized exchange (DEX), Byreal, in the third quarter of 2025. A testnet version will be released on June 30 ahead of the mainnet launch.
Company CEO Ben Zhou described Byreal as a unique hybrid exchange, combining the best features of both centralized exchanges (CEX) and decentralized exchanges (DEX).
“Byreal isn’t just another DEX,” Zhou stated, emphasizing its CEX-grade liquidity with DeFi-native transparency.
It’s official. Byreal is here.👋🏽
Incubated by @Bybit_Official, born on @Solana.
Byreal is a new onchain liquidity network for the next wave of assets — where real value is listed, discovered, and traded transparently. pic.twitter.com/seDoKdZCKw
— Byreal (@byreal_io) June 15, 2025
The Byreal team further clarified that the platform is incubated by but independent from Bybit and will focus on a product-first approach, meaning no native token launch at this stage.
Advanced Routing and Liquidity Features
Byreal will integrate RFQ (Request for Quote) and CLMM (Concentrated Liquidity Market Maker) routing to enhance trading speed and liquidity.
RFQ allows users to request price quotes from multiple sources to find the best rates, while CLMM enables liquidity providers to concentrate their capital in specific price ranges for deeper liquidity and lower slippage.
According to Zhou, Byreal aims to offer low-slippage, MEV-protected swaps at high speeds, making it competitive in the crowded DEX market.
Competitive DEX Market and Solana’s Role
Byreal is entering a highly competitive DEX landscape, where Uniswap holds a 24% market share with $4.9 billion in total value locked (TVL), per DefiLlama.
Curve DEX and PancakeSwap follow closely behind, with $1.9 billion and $1.7 billion in TVL, respectively.
Currently, DEX TVL stands at $20.3 billion, significantly lower than its $80 billion peak in November 2021.
While Solana is widely used for minting and trading memecoins, it also hosts various decentralized exchanges. The largest among them is Raydium, which commands a 55% market share in the Solana ecosystem with $1.7 billion in TVL.
Raydium saw a surge in activity in January due to memecoin traders flocking to the marketplace. However, trading volume has dropped by 88% since then, according to DefiLlama.
Byreal promises to offer a powerful hybrid finance model, merging the liquidity and efficiency of a CEX with the transparency and decentralization of a DEX.
Its upcoming testnet launch on June 30 and mainnet debut in Q3 could shake up the Solana DEX scene and bring new liquidity solutions to the decentralized finance (DeFi) space.
