Bybit Launches Solana-Based DEX ‘Byreal,’ Blending CEX Liquidity with DeFi Transparency
Global crypto exchange Bybit is entering the decentralized finance (DeFi) arena with the launch of Byreal, its first Solana-based decentralized exchange (DEX). The platform is set to debut on testnet on June 30, with a mainnet launch expected in Q3 2025.
Announcing the launch via social media, Bybit CEO Ben Zhou described Byreal as more than just another DEX.
“It’s combining CEX-grade liquidity with DeFi-native transparency,” he said. “This is what real hybrid finance looks like.”
Announcing Byreal — our first onchain DEX incubated by Bybit, will be LIVE by end of the month. Starting from scratch and now born on Solana. what's special: 1/ CEX + DEX synergy Byreal isn’t “just another DEX.” It’s combining CEX-grade liquidity with DeFi-native transparency.… https://t.co/JU60e4zHQ4
— Ben Zhou (@benbybit) June 15, 2025
Designed to offer the best of both centralized and decentralized trading experiences, Byreal will feature Request For Quote (RFQ) and Concentrated Liquidity Market Maker (CLMM) routing. These mechanisms aim to minimize slippage and reduce the risk of price manipulation, giving traders access to more efficient, transparent, and fair execution.
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
The platform will also introduce new features like a smarter token launchpad model and curated yield vaults, including those tied to Solana-native assets such as bbSOL. Bybit’s move underscores a broader shift in crypto markets toward hybrid models that merge centralized reliability with decentralized innovation.
Lily Liu, president of the Solana Foundation, weighed in on the significance of this shift.
“CEX/DEX can work in harmony and amplify one another,” she wrote. “The asset diversity and global availability of a DEX, plus the liquidity of a CEX—this is how you build internet-scale capital markets.”
Cex / Dex can work in harmony, and amplify one another.
— Lily Liu (@calilyliu) June 15, 2025
The asset diversity and global availability of a dex, plus the liquidity of a cex.
Building internet capital markets means having asset and product venue diversity, all on the shared rails.
We are excited to collaborate!… https://t.co/1Q75QWxsdw
Byreal’s debut comes amid a resurgence of decentralized exchanges, which captured a record 25% share of global spot trading volume last month. According to DefiLlama, DEXs collectively recorded $405.3 billion in trading volume in May, led by PancakeSwap at $98.2 billion. Solana-based DEXs held $3.3 billion in total value locked (TVL), with over half parked in Raydium.
Analysts like Simon Kim, CEO of venture firm Hashed, see the trend accelerating. He predicted that DEXs could surpass centralized exchanges (CEXs) in trading volume by 2028, calling them the “core of blockchain-based financial ecosystems.”