With the introduction of Byreal, a new decentralized exchange (DEX) built on the Solana blockchain, cryptocurrency exchange platform Bybit is making a significant move into the decentralized finance (DeFi) market. Byreal’s testnet will launch on June 30 and the full mainnet will follow in Q3 2025.
Byreal plans to combine the best features of decentralized and centralized systems. According to Bybit CEO Ben Zhou, the platform is “actual hybrid finance,” combining DeFi-native transparency with CEX-grade liquidity. Zhou emphasized on social media that Byreal is a new kind of on-chain liquidity network for the upcoming generation of digital assets, not “just another DEX.”
Key attributes of Byreal
Request for Quote (RFQ) and Concentrated Liquidity Market Maker (CLMM) routing are key components of Byreal’s unified liquidity model. The state-of-the-art routing architecture offers fast, low-slippage, MEV-protected swaps.
While CLMM enables liquidity providers to pool their capital within expected price ranges, RFQ gives merchants the best price available from a variety of sources. This helps to create more liquidity around current market prices, which improves trading efficiency for both institutional and retail users.
Byreal will incorporate a Reset Launch mechanism with a Fairshare Engine and a Smart Price Ladder into its routing design. It is anticipated that these two design components will improve token launches over current models by making them more transparent, equitable, and less manipulable.
The addition of Revive Vaults, a collection of institutional-grade DeFi yield products, beginning with bbSOL, a Liquid Staking Token based on SOL, is another noteworthy feature. The goal of bbSOL, which was first unveiled by Bybit in collaboration with Solana ecosystem partners Sanctum, Kamino Finance, Orca, and Solayer, is to link Bybit’s centralized exchange to its growing Web3 offerings.
From Web3 Retreat to On-Chain Comeback
The launch by Byreal comes after Bybit recently shut down several of its Web3 services, such as its DEX Pro platform, Cloud Wallet, and NFT marketplace. Following the reported $1.4 billion loss due to a hack, the company decided to improve product quality and concentration, which led to the termination of these services on May 31.
This change reflects a more advanced approach, as Bybit is now concentrating on user-friendly, scalable products that align with its overarching goal of hybrid finance. The first notable outcome of this new course will be Byreal.
Solana: The Chain of Choice
Because of its high transaction speed, scalability, and growing reputation as a reliable platform for DeFi and DEX activity, Bybit has chosen Solana as the underlying for Byreal. Additionally, the exchange highlighted its objective of increasing demand, assets, and users within the Solana ecosystem.
The team underlined that “Byreal is designed to transform dispersed liquidity into consolidated opportunity,” emphasizing the new DEX’s goal of promoting deeper and more extensive financial markets.
The Competitive Environment
Byreal joins an already crowded DEX market dominated by industry titans like Uniswap, which holds a 24% market share with $4.9 billion in Total Value Locked (TVL), followed by Curve and PancakeSwap. In spite of this, the overall DEX TVL has leveled off at about $20.3 billion, which is much less than its peak of $80 billion in November 2021.
With a 55% market share in the ecosystem and a TVL value of $1.7 billion, Raydium is the largest DEX on Solana. Byreal may have an advantage in this rapidly changing market thanks to its value proposition and backing from a centralized exchange.
In conclusion
Bybit’s debut of Byreal is a daring attempt at hybrid DeFi, which aims to combine the decentralization and transparency of open networks with the speed and liquidity of centralized platforms. Byreal’s success would serve as a bellwether case study in the ongoing development of the global crypto infrastructure as more centralized exchanges attempt DeFi integrations.
FAQs
1. What is Byreal?
Built on top of Solana, Byreal is Bybit’s first decentralized exchange (DEX), fusing DeFi transparency with centralized exchange (CEX) liquidity.
2. When will Byreal launch?
The mainnet rollout is anticipated in Q3 2025, with the testnet debuting on June 30, 2025.
3. What distinguishes Byreal from other DEXs?
Byreal is a true hybrid finance platform incorporating MEV protection and uses RFQ and CLMM routing for quick, low-slippage trades.
4. What is bbSOL?
Bybit’s Solana-based Liquid Staking Token (LST), bbSOL, enables users to maintain the liquidity of their tokens while earning staking rewards.
5. Who is eligible to use Byreal?
Byreal offers yield vaults, deep liquidity, and a fair launch system, making it suitable for both regular users and institutions.
Glossary of Key Terms
1. DEX (Decentralized Exchange): A peer-to-peer cryptocurrency trading platform that eliminates middlemen.
2. Request for Quote (RFQ): This trading strategy allows users to obtain price quotes from liquidity providers prior to execution.
3. The Concentrated Liquidity Market Maker (CLMM) model enhances efficiency by permitting concentrated liquidity within specific price ranges.
4. MEV (Miner Extractable Value): Profit from rearranging blockchain transactions; security guarantees equity.
5. bbSOL: This staked version of SOL, which offers liquidity and staking rewards, is obtained by users who stake SOL on Bybit.
Sources
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