Bybit Unveils Hybrid DEX Byreal, Set to Launch on Solana

Cryptocurrency exchange Bybit has announced the upcoming launch of Byreal, its first on-chain decentralized exchange (DEX) built on the Solana blockchain. CEO Ben Zhou revealed that the platform will go live by the end of June, marking a significant milestone in the exchange's push toward what he calls "real hybrid finance."

The new platform represents Bybit's ambitious attempt to bridge the gap between centralized and decentralized finance, combining the liquidity advantages of traditional exchanges with the transparency and user control inherent in DeFi protocols.

Byreal distinguishes itself through a sophisticated hybrid routing system that utilizes both Request-for-Quote (RFQ) and Concentrated Liquidity Market Maker (CLMM) mechanisms. This dual approach is designed to deliver low-slippage trading while providing robust protection against Maximal Extractable Value (MEV) attacks, a persistent challenge in the DeFi space.

The platform's unified liquidity model aims to maintain the high transaction speeds that users expect from centralized exchanges while preserving the decentralized nature that has made DeFi protocols increasingly popular among crypto enthusiasts.

Advanced Features and Ecosystem Integration

Beyond its core trading functionality, Byreal will incorporate several innovative features designed to enhance the user experience. The platform will 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 including Sanctum, Kamino Finance, Orca, and Solayer, serves as a bridge between Bybit's centralized platform and the broader Web3 ecosystem.

Strategic Timeline and Future Plans

According to the announcement, Bybit plans to launch Byreal's testnet on June 30, with the mainnet deployment scheduled for Q3 2025. The platform will be accessible through byreal.io, providing users with a dedicated portal for hybrid trading activities.

The exchange has indicated that Byreal is just the beginning, with additional CEX and DEX joint launch initiatives planned for the future as part of its hybrid finance strategy.

The Byreal launch 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.