Bybit Launches ByREAL Decentralized Exchange on Solana Blockchain

Bybit, a leading cryptocurrency exchange, has announced the launch of ByREAL, a new decentralized exchange (DEX) built on the Solana blockchain. This initiative marks a significant step in Bybit’s strategic expansion into the decentralized finance (DeFi) sector, aiming to bridge the gap between centralized and decentralized finance. ByREAL is set to go live by the end of June, with a testnet launch scheduled for June 30 and the mainnet deployment planned for Q3 2025.

ByREAL is designed to offer a hybrid trading experience, combining the liquidity advantages of centralized exchanges with the transparency and user control of DeFi protocols. The platform features a sophisticated hybrid routing system that utilizes both Request-for-Quote (RFQ) and Concentrated Liquidity Market Maker (CLMM) mechanisms. This dual approach is intended to deliver low-slippage trading while providing robust protection against Maximal Extractable Value (MEV) attacks, a common challenge in the DeFi space. ByREAL’s unified liquidity model aims to maintain high transaction speeds while preserving the decentralized nature of DeFi protocols.

Beyond its core trading functionality, ByREAL will incorporate several innovative features to enhance the user experience. These include a fair launchpad model powered by Smart Price Ladder technology and a Fairshare Engine, aimed at providing more equitable token distribution mechanisms. Additionally, ByREAL will offer curated yield vaults, including integration with bbSOL, Bybit's Solana-based Liquid Staking Token. The bbSOL token, launched in September 2024 through partnerships with prominent Solana ecosystem players, serves as a bridge between Bybit's centralized platform and the broader Web3 ecosystem.

The launch of ByREAL comes as Bybit undergoes a significant strategic reorganization. In May 2024, the exchange discontinued several Web3 services, including its Cloud Wallet, Keyless Wallet, NFT marketplace, DEX Pro, and Swap & Bridge functionalities. The company also ended its Web3 Points loyalty program and various other services such as fiat-to-crypto on-ramp and initial DEX offering capabilities. These closures are part of Bybit's effort to streamline operations and focus on core product quality, particularly following a major security incident that resulted in approximately $1.4 billion in losses.

Bybit’s decision to launch ByREAL on the Solana blockchain is a strategic move that leverages Solana's high-speed and low-cost transaction capabilities. This choice aligns with the growing trend of DeFi platforms seeking to enhance user experience through faster and more efficient transaction processing. ByREAL’s hybrid model, which combines the strengths of both centralized and decentralized exchanges, positions it as a unique player in the rapidly evolving DeFi landscape. The platform's advanced features, such as the hybrid routing system and fair launchpad model, are designed to address some of the key challenges faced by DeFi users, including liquidity and MEV attacks.

Bybit's move to launch ByREAL underscores its commitment to delivering a robust and secure trading experience for its users. The exchange's strategic vision to leverage blockchain technology’s benefits to provide innovative, secure, and efficient financial services is evident in this initiative. As the DeFi sector continues to evolve, Bybit’s expansion into this space could inspire other platforms to innovate and expand in similar directions, thereby driving further growth and development in the cryptocurrency ecosystem.