Bybit Unveils Byreal: A Hybrid Decentralised Exchange Built on Solana

Bybit, known globally for its footprint in centralised crypto trading, is preparing to launch its first decentralised exchange (DEX), dubbed Byreal. The platform is being developed on Solana and is scheduled to go live in the third quarter of 2025. Prior to that, a testnet version is planned for release on 30 June.

Bybit Sets Eyes on Web3 Expansion with Byreal DEX Launch

In a post made on 14 June, Byreal was described as a next-generation on-chain liquidity network designed to support a new wave of assets. The exchange explained that the platform is built to support the open listing and exchange of assets with genuine value, all within a transparent on-chain environment.

The post made it clear that this was not just another DEX but rather an on-chain extension of its global exchange infrastructure. It seeks to combine the depth and liquidity of a centralised exchange (CEX) with the transparency and composability of decentralised finance (DeFi).

Byreal has been designed to onboard new users, introduce fresh capital, and expand the range of assets and trading activity available on-chain. The platform is structured to scale access and velocity across the ecosystem by offering multiple features that aim to optimise trading efficiency and user experience.

Features and Framework

Byreal introduces a feature-rich architecture aimed at enhancing decentralised trading efficiency while retaining the strengths of centralised infrastructure. Its design blends speed, fairness, and accessibility, with a focus on delivering reliable trade execution and yield opportunities. 

• It uses a hybrid structure combining CLMM and RFQ models
• Enables fast, low-slippage trades with MEV protection
• Includes Reset Launch for fair and transparent token distributions
• Features a Smart Price Ladder and Fairshare Engine
• Offers Revive Vault for curated yield opportunities
• Supports bbSOL, a liquid staking token bridging CEX and DeFi

Ben Zhou on Building Byreal and Hybrid Finance

Ben Zhou, co-founder and Chief Executive Officer of Bybit, confirmed that Byreal is the company’s first decentralised exchange developed entirely in-house. He explained that the project has been built from scratch and optimised for Solana’s high-speed, low-cost environment.

Zhou has long advocated for integrating traditional financial models with decentralised protocols. His perspective is that the most sustainable and scalable solutions will sit in the middle ground between fully centralised control and fully decentralised autonomy. 

The CEO believes Byreal is a true example of hybrid finance. It combines features from both centralized and decentralized systems. He further stated that Byreal is designed for fast, secure, and smooth trading. 

Bybit and the Future of Decentralised Trading on Solana

The development of Byreal comes shortly after Bybit scaled back several of its existing Web3 offerings. Services such as its Cloud Wallet, Keyless Wallet, NFT marketplace, and others were wound down, with operations ceasing by the end of May 2025.

While Bybit has already cemented its role in the centralised exchange space, the DEX market offers a competitive environment. Platforms like Uniswap continue to lead the sector, commanding approximately 24% of market share and managing a total value locked exceeding $5 billion, according to recent figures from DefiLlama.

Following Uniswap are other strong players. Curve DEX holds about $1.9 billion in total value locked, while Solana-based Raydium has roughly $1.8 billion.

Solana is becoming a more popular choice for decentralised applications. Although widely used for meme coin development, the chain’s performance and developer tools have also attracted more structured financial applications. 

The most prominent DEX on Solana to date is Raydium, but Byreal is set to introduce a new competitor to that ecosystem. Lily Liu, President of the Solana Foundation, welcomed Bybit’s entrance into the decentralised space. 

She indicated that both centralised and decentralised exchanges can complement each other. According to Liu, combining the strengths of the two models—such as global accessibility, asset diversity, and strong liquidity—can help build a more unified and efficient financial market.