Bybit, one of the biggest crypto exchanges, is preparing to enter the decentralized exchange market with its new platform called Byreal. Built on the Solana blockchain, Byreal is expected to go live in the third quarter of 2025, with a testnet release planned for June 30. The exchange aims to blend the strengths of centralized and decentralized systems, offering a unique approach to on-chain trading and liquidity.
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What is Byreal?
Byreal has been described as a next-generation on-chain liquidity network that supports the open listing and trading of assets with real value in a fully transparent environment. Unlike typical decentralized exchanges, Byreal is designed to function as an on-chain extension of Bybit’s global centralized exchange infrastructure.
This platform aims to onboard new users and capital while expanding asset variety and trading activity on-chain. Byreal features a hybrid architecture combining two models: Concentrated Liquidity Market Maker (CLMM) and Request for Quote (RFQ). This design allows fast trades with low slippage and includes protection against miner extractable value (MEV), a common issue in DeFi trading.
Additional key elements include the Reset Launch mechanism, designed for fair token distributions, a Smart Price Ladder, and the Fairshare Engine, which help make trading more transparent and equitable. The platform also offers the Revive Vault, which provides curated yield opportunities for users, including bbSOL, a liquid staking token that bridges centralized and decentralized finance.
How Byreal Stands Apart From Other DEXs
Byreal is not just another decentralized exchange – it blends centralized exchange liquidity levels with the transparency typical of decentralized finance. Bybit’s CEO Ben Zhou highlighted that this combination offers what he calls “real hybrid finance”.
The platform is built from scratch and optimized for Solana’s high-speed, low-cost blockchain environment, allowing for quick and reliable trade execution. Internal tests show quote speeds below 200 milliseconds and zero slippage with RFQ orders executed at requested terms without gas fees. This sets new standards for decentralized trading performance on Solana.
While competitors such as Uniswap dominate with a market share of about 24% and a total value locked exceeding nearly $4.74 billion, Byreal intends to provide a differentiated experience through this hybrid model. It aims to merge deep liquidity, usually found on centralized exchanges, with the openness and composability of decentralized systems.
Byreal’s Products and Their Purpose
Byreal introduces three flagship products designed to cover different aspects of trading and asset growth. The first is the Byreal DEX, which uses a smart-routing engine to deliver gasless, zero price impact trades with robust MEV protection.
The second product, Reset Launch, acts as a launchpad that addresses token distribution issues common in the industry. It uses mechanisms like the Smart Price Ladder and Fairshare Engine to create fair and transparent initial DEX offerings (IDOs), avoiding problems such as blind airdrop farming.
Revive Vault is the third flagship product, offering frictionless yield strategies across Solana. It includes exclusive vaults for bbSOL and integrates both on-chain and off-chain yield opportunities. These products together create a unified growth engine supporting asset discovery, trading, and yield generation within a single interface.
The Strategic Shift Behind Byreal’s Development
Bybit’s move to build Byreal comes after scaling back several Web3 initiatives, such as its Cloud Wallet, Keyless Wallet, and NFT marketplace, all of which ceased operations by the end of May 2025. This indicates a refocus on creating a decentralized exchange that can provide a new form of hybrid finance.
Ben Zhou emphasized his long-standing view that the future lies in solutions balancing central control and decentralization. Byreal reflects this vision by aiming to deliver fast, secure, and smooth trading while maintaining transparency.
The exchange is a fully in-house project developed to fit the capabilities of Solana, which has grown popular for decentralized applications beyond meme coins, especially for financial use cases. This strategy positions Byreal as a fresh entrant into the Solana DEX ecosystem, where Raydium has been a leading platform so far.
Industry Leaders Weigh In
The launch of Byreal has drawn attention within the crypto community. Lily Liu, President of the Solana Foundation, expressed support, stating the project aligns with Solana’s vision for improved liquidity infrastructure and on-chain capital market assets. Liu sees value in combining centralized and decentralized exchange features to build a more accessible and efficient financial market.
Ben Zhou highlighted the significance of integrating centralized exchange liquidity with decentralized transparency:
“The future of trading lies in the seamless integration of centralized and decentralized exchanges. Byreal embodies this vision by serving as the on-chain outpost of CEX while bringing blue-chip assets and institutional-grade liquidity into the decentralized world”
Emily Bao, founder of Byreal, highlighted the platform’s goal of helping real assets find real markets rather than relying on hype:
“A great exchange doesn’t just facilitate transactions – it helps the world discover what’s truly valuable and gives those assets the liquidity they deserve.”
