Key Takeaways:
- Bybit will launch its Solana-based hybrid DEX, Byreal, in Q3 2025, with a testnet set for June 30.
- Byreal aims to combine centralized liquidity with DeFi transparency using RFQ and CLMM technologies.
- The DEX market remains competitive, with Uniswap leading and Solana’s Raydium holding 55% of that network’s DEX share.
Bybit is set to launch a new decentralized exchange called Byreal in Q3 2025, built on the Solana blockchain.
A testnet will go live on June 30. Byreal is positioned as a hybrid DEX, aiming to combine the liquidity of centralized exchanges (CEX) with the transparency of decentralized finance (DeFi).
It’s official. Byreal is here.👋🏽
— Byreal (@byreal_io) June 15, 2025
Incubated by @Bybit_Official, born on @Solana.
Byreal is a new onchain liquidity network for the next wave of assets — where real value is listed, discovered, and traded transparently. pic.twitter.com/seDoKdZCKw
CEO Ben Zhou called it a platform with “CEX-grade liquidity and DeFi-native transparency,” labeling it the “onchain extension of a global exchange.”
Byreal will leverage Request for Quote (RFQ) and Concentrated Liquidity Market Maker (CLMM) routing to minimize slippage and protect users from maximal extractable value (MEV) issues.
RFQ provides users with price quotes from multiple sources before trade execution, while CLMM allows liquidity providers to focus capital within defined price bands.
The launch enters a competitive DEX landscape dominated by Uniswap, Curve, and PancakeSwap, with a combined TVL of $8.5 billion.
On Solana, Raydium leads with $1.7 billion in TVL, although its recent memecoin-fueled momentum has cooled.
Byreal aims to carve out market share with its hybrid model and advanced trading tools.
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