Crypto exchange Bybit introduces its first decentralized exchange, Byreal, running on the Solana blockchain.
Byreal is set to start testnet operations on June 30, with a full mainnet launch anticipated in Q3 of 2025.
Bybit's move into decentralized finance (DeFi) with Byreal aligns with the current trend towards transparency and decentralization in the market.
Bybit CEO Ben Zhou describes Byreal as a hybrid model blending centralized exchange liquidity with decentralized transparency.
Byreal incorporates features like Request For Quote (RFQ) and Concentrated Liquidity Market Maker (CLMM) routing to enhance trading efficiency and transparency.
The platform aims to offer a curated token launchpad, yield-generating vaults, and support for assets like bbSOL, a liquid staking derivative on Solana.
Byreal's strategy positions it to compete with DEXs like Raydium and launch platforms on Ethereum and BNB Chain.
Solana Foundation president Lily Liu highlights the potential synergy between centralized exchanges' liquidity and decentralized exchanges' global accessibility.
Data from May 2025 shows DEXs accounting for over 20% of the global spot trading volume, with Solana-based DEXs contributing significantly to this trend.