Bybit to Launch Hybrid DEX Byreal on Solana in Q3

- Bybit to debut Byreal, a Solana-based DEX, with testnet in June 2025 and mainnet in Q3 2025. - Hybrid platform aims to merge CEX liquidity with DeFi transparency. On June 16, 2025, Cointelegraph reported that Bybit, a prominent cryptocurrency exchange, will launch Byreal, its new Solana-based decentralized exchange. The company targets a testnet release by the end of June 2025 and a full mainnet launch in Q3 2025, with this platform aiming to combine the liquidity advantages of centralized exchanges (CEX) with the transparency features of decentralized finance (DeFi). In a statement on June 16, Bybit CEO Ben Zhou described Byreal as “an onchain extension of a global exchange.” He further noted that this reflects the “CEX + DEX synergy” that defines hybrid finance. To achieve this, Byreal incorporates advanced Request for Quote (RFQ) and Concentrated Liquidity Market Maker (CLMM) routing features, which are designed to facilitate low-slippage and MEV (Maximal Extractable Value)-protected swaps at high speeds. Specifically, RFQ allows traders to receive competitive quotes from multiple sources, ensuring they get the best available pricing, while CLMM enables liquidity providers to concentrate their funds in specific price ranges, thereby enhancing liquidity around the current market price. In addition, Byreal includes other notable features, such as a fair launchpad model equipped with a Smart Price Ladder and Fairshare Engine, as well as curated yield vaults. The platform also supports bbSOL, a Solana-based Liquid Staking Token (LST) that Bybit introduced in September 2024. Byreal is entering a competitive DEX market, which Uniswap currently leads in total value locked (TVL), followed by platforms like Curve DEX and PancakeSwap. However, the overall DEX TVL has declined significantly from its peak in November 2021. Within the Solana ecosystem, Raydium holds the largest DEX TVL, although its volume has dropped notably in recent times. Consequently, Bybit aims for Byreal to carve out a unique position through its hybrid model, which combines CEX-grade liquidity with DeFi transparency. Furthermore, this launch is part of Bybit's strategic pivot, as the company is now focusing on core product offerings after deciding to discontinue several Web3 services. On June 16, CoinMarketCap reported that Solana (SOL) was trading at $155.915 as of 04:09 UTC, and its 24-hour trading volume had increased by 6.912%.