Catenaa, Sunday, June 22, 2025-Cryptocurrency exchange Bybit is rolling out its first decentralized exchange, Byreal, built on the Solana blockchain. The platform will debut in testnet on June 30 and is slated for a full mainnet launch in the third quarter of 2025, the company announced Sunday.
Bybit CEO Ben Zhou said Byreal aims to bridge centralized exchange-grade liquidity with decentralized finance transparency, calling it a “hybrid finance” model.
The exchange will feature RFQ (Request For Quote) and CLMM (Concentrated Liquidity Market Maker) routing to deliver low-slippage, manipulation-resistant swaps, according to Zhou.
The DEX will also offer a revised token launchpad system and curated yield vaults centered around assets like bbSOL, enhancing investor accessibility and liquidity options.
Solana Foundation President Lily Liu backed the hybrid approach, saying DEXs and CEXs can “amplify one another” and help build robust internet capital markets.
Bybit’s move comes as decentralized exchanges gain momentum globally. In May, DEXs claimed 25% of global spot trading volume, a record high, with monthly trading volume reaching $405.3 billion, according to DefiLlama. PancakeSwap led volumes with $98.2 billion.
Simon Kim, CEO of blockchain venture firm Hashed, predicted DEXs could surpass CEXs in trading volume by 2028.
Currently, DEXs hold a combined $20.7 billion in total value locked (TVL), with Solana-based platforms controlling $3.3 billion, over half held by Raydium.
Byreal is Bybit’s latest effort to cement a footprint in decentralized finance amid shifting trader preferences and increasing regulatory scrutiny on centralized platforms.
