Bybit Launches Byreal DEX on Solana Blockchain for Hybrid Finance

Bybit, a prominent global cryptocurrency exchange, has announced the launch of Byreal, its first decentralized exchange (DEX) built on the Solana blockchain. This move marks a significant shift in Bybit's strategy, focusing on hybrid finance (HyFi) that combines the liquidity and speed of centralized exchanges (CEX) with the transparency and self-custody of decentralized finance (DeFi). Byreal is set to go live with a testnet on June 30, with the mainnet expected in the third quarter of 2025.

Byreal stands out in the crowded DEX space by merging the performance of CEXs with the benefits of DeFi. CEO Ben Zhou describes it as "real hybrid finance," emphasizing its unique position. The platform is natively built on Solana, known for its high throughput and low fees, allowing Byreal to execute near-instant trades and support scalable on-chain logic.

The core of Byreal's functionality is its dual routing model, which includes Request-for-Quote (RFQ) and Concentrated Liquidity Market Maker (CLMM). The RFQ system offers traders guaranteed prices from liquidity providers, similar to top-tier CEXs, while the CLMM system, pioneered by Uniswap v3, provides a more capital-efficient DeFi-native solution. This combination creates a unified liquidity layer that minimizes slippage and protects users against Maximal Extractable Value (MEV), a common vulnerability in DeFi systems.

The launch of Byreal follows a significant internal overhaul at Bybit. In May 2024, the exchange shut down several Web3 features, including Cloud Wallet, Keyless Wallet, NFT Marketplace, DEX Pro, Swap & Bridge functions, Web3 Points loyalty program, fiat-to-crypto on-ramp, and IDO services. These shutdowns were prompted by a $1.4 billion security breach, which led Bybit to recalibrate its goals and focus on efficient, high-performance products like Byreal. The exchange is now entirely focused on hybrid finance, aiming to control the nexus between CEX speed and DeFi trust.

In addition to the core trading platform, Byreal will introduce advanced DeFi infrastructure, including a Fair Launchpad with a Smart Price Ladder and Fairshare Engine. These tools are designed to reduce front-running and whale control, ensuring a fair distribution of tokens during launches. Byreal will also offer curated Yield Vaults, starting with tokens from the Solana ecosystem, including bbSOL, Bybit’s Liquid Staking Token (LST) introduced in September 2024. bbSOL is a wrapped version of SOL designed for cross-platform staking, enabling users to stake SOL through Bybit’s Web3 interface and receive bbSOL, which can be deployed into vaults or used across DeFi protocols.

The timing of Byreal’s launch is strategic, coinciding with the rise in DeFi Total Value Locked (TVL) and renewed interest in Solana as an alternative to Ethereum. Bybit’s decision to launch on Solana aligns with high-performance Layer 1s that can support mass adoption, crucial for hybrid finance aiming to onboard both retail users and institutions seeking compliance-ready transparency with institutional-grade performance.

Byreal differentiates itself from other hybrid or on-chain DEXs by fully integrating CEX liquidity within a DEX environment. Unlike layered rollups or sidechains offering limited on-chain visibility, Byreal’s "from scratch" architecture and native Solana deployment allow it to surpass these models. Key differentiators include a unified orderbook depth, MEV resistance by design, and seamless CEX-DeFi interoperability, giving users one login for both worlds.

With the Byreal testnet set to launch on June 30 and the mainnet expected in Q3 2025, industry watchers are anticipating its potential to set a new blueprint for exchanges in a post-FTX world. Byreal’s hybrid model could redefine the landscape of cryptocurrency exchanges by combining the best of both centralized and decentralized finance.