Crypto exchange Bybit has unveiled plans to launch its new Solana-based decentralized exchange, Byreal, in the third quarter of 2025, with a testnet rollout scheduled for June 30.
In a post on X this Sunday, CEO Ben Zhou highlighted that Byreal stands out for its integration of centralized and decentralized exchange features.
“Byreal isn’t just another DEX,” Zhou said. “It blends CEX-grade liquidity with DeFi-native transparency — this is what real hybrid finance looks like.”
The Byreal team echoed this vision, describing the platform as “the on-chain extension of a global exchange,” designed to deliver deep liquidity and full transparency.
Byreal Features Advanced Routing for Optimized Trading
Byreal is designed to deliver “unified liquidity and speed,” according to Bybit CEO Ben Zhou, who revealed that the upcoming Solana-based DEX will feature both RFQ (Request for Quote) and CLMM (Concentrated Liquidity Market Maker) routing.
“Byreal gives users low-slippage and MEV-protected swaps at serious speed,” Zhou said.
RFQ allows traders to request price quotes from multiple sources to secure the best execution, while CLMM enables liquidity providers to focus their capital within targeted price ranges, resulting in deeper liquidity and more efficient trading near the current market price.
Bybit’s DEX Enters an Already Crowded DeFi Marketplace
Bybit’s new DEX is entering a highly competitive decentralized exchange landscape, where Uniswap currently dominates with a 24% market share and $4.9 billion in total value locked (TVL), according to DeFiLlama.
Trailing behind are Curve with $1.9 billion in TVL and PancakeSwap with $1.7 billion.
Overall, the DEX sector holds a combined TVL of $20.3 billion — still down 75% from its all-time high of $80 billion in November 2021.
Solana DEX scene
While Solana has largely been known as a hotspot for minting and trading memecoins, it also hosts a growing number of decentralized exchanges.
The largest among them is Raydium, which holds $1.7 billion in total value locked (TVL), accounting for 55% of all TVL within the Solana ecosystem, according to DeFiLlama.
Raydium saw a surge in activity in January as memecoin traders rushed to the platform to trade tokens launched via the Pump.fun marketplace. However, since that peak, trading volume has plunged by 88%.
