Bybit, a leading centralized cryptocurrency exchange, is launching Byreal, its first on-chain decentralized exchange (DEX) on the Solana blockchain. The Byreal testnet is set to go live on June 30, 2025, with a mainnet launch scheduled for the third quarter of 2025.
Byreal aims to merge centralized exchange (CEX) level liquidity and speed with decentralized finance (DeFi) features such as transparency and user autonomy. The platform's hybrid liquidity model incorporates Request for Quote (RFQ) and Concentrated Liquidity Market Maker (CLMM) routing to reduce slippage, speed up execution, and protect users from maximal extractable value (MEV) attacks.
Additional innovative features include a "Reset Launch" mechanism using Smart Price Laddering and the Fairshare Engine to ensure fair token allocations and equitable user access. It will also host a Revive Vault, offering curated yield opportunities for assets like bbSOL and other Solana-native tokens.
Bybit CEO Ben Zhou describes Byreal as a pivotal move toward 'hybrid finance,' combining benefits of centralized and decentralized platforms. Bybit’s initiative differs from competitors such as Coinbase and Kraken by focusing directly on launching a Solana-based DEX rather than Layer 2 solutions.
Bybit also integrates bbSOL, its liquid staking token on Solana launched in September 2024, into Byreal. Staking SOL through Bybit's platform yields bbSOL tokens, facilitating cross-platform liquidity and aligning Bybit’s centralized exchange users with DeFi tools. The development of bbSOL involved Solana ecosystem partners like Sanctum, Kamino Finance, Orca, and Solayer.
This launch follows Bybit's strategic refocusing after a $1.4 billion security breach in February 2025, including closure of several Web3 services such as Cloud Wallet, Keyless Wallet, NFT marketplace, and Swap & Bridge. Instead, Bybit concentrates resources on fewer, stronger hybrid finance products.
The Byreal platform will be accessible via its official portal, byreal.io, marking Bybit’s bold entry into the decentralized exchange arena backed by its experience and capital as a major centralized exchange.