Crypto exchange Bybit has revealed its intention to debut a new decentralized exchange called Byreal, built on the Solana blockchain. The platform is expected to roll out its testnet at the end of June, with a full mainnet launch targeted for the third quarter of 2025.
In a recent post on X (formerly Twitter), CEO Ben Zhou emphasized that Byreal stands out by blending the strengths of both centralized and decentralized finance.
“Byreal is more than just a typical DEX,” Zhou noted, highlighting that the platform delivers CEX-level liquidity alongside DeFi-style openness.
The Byreal team echoed this vision, describing it as the on-chain extension of Bybit, offering a seamless combination of centralized exchange performance and decentralized transparency. According to the announcement, the testnet will go live on June 30, with the mainnet following later in Q3.
Advanced Routing Tech Behind Byreal
Zhou also shared technical details, stating that Byreal is designed with RFQ (Request for Quote) and CLMM (Concentrated Liquidity Market Maker) routing systems to enhance performance.
These features will offer low slippage, high-speed swaps, and MEV protection, ensuring smoother trading experiences. While RFQ enables optimal price discovery by requesting quotes from multiple sources, CLMM allows liquidity providers to focus funds within narrow price bands, increasing depth around current prices.
Joining a Competitive DEX Ecosystem
Bybit is stepping into a saturated DEX environment. Uniswap currently dominates with around 24% market share and $4.9 billion in total value locked (TVL), according to DefiLlama. Curve and PancakeSwap follow behind with $1.9 billion and $1.7 billion TVL, respectively.
The total DEX market currently holds $20.3 billion in TVL, still significantly below its $80 billion peak in November 2021, marking a 75% decline from its high.
Solana’s Growing DEX Landscape
Though often associated with memecoin activity, Solana hosts several prominent decentralized exchanges. Raydium leads the pack with $1.7 billion in TVL, representing 55% of Solana’s DEX ecosystem.
Raydium saw explosive growth earlier this year as traders from Pump.fun flocked to the platform, but volumes have since dropped by 88%, per data from DefiLlama.
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