Byreal will offer hybrid finance features combining centralized and decentralized exchange elements.
Crypto exchange Bybit announced Sunday that it will launch Byreal, its first on-chain DEX, by the end of this month. Powered by Solana, the new platform aims to deliver the best of centralized exchange and decentralized finance, which Bybit CEO Ben Zhou touts as “real hybrid finance.”
As noted in the announcement, Byreal will feature a unified liquidity model that utilizes requesting-for-quote (RFQ) and Concentrated Liquidity Market Maker (CLMM) routing to provide low-slippage trades and MEV protection while maintaining high transaction speeds.
The new DEX will also include features such as a fair launchpad model with Smart Price Ladder and Fairshare Engine, as well as curated yield vaults including bbSOL, a SOL-based Liquid Staking Token (LST).
Bybit launched bbSOL last September in collaboration with Solana ecosystem partners, including Sanctum, Kamino Finance, Orca, and Solayer. The token was created to bridge Bybit’s CEX and web3 platforms, enabling users who stake SOL on Bybit Web3 to receive bbSOL tokens.
Bybit plans to launch Byreal’s testnet on June 30, with mainnet deployment expected in Q3 2025.
The platform represents Bybit’s entry into hybrid finance, with plans for future CEX and DEX project launches. The exchange will be accessible through byreal.io.
A known advocate of hybrid DeFi models, Zhou previously promoted a blend of traditional and DeFi systems, stating that the future of finance lies not at either extreme, but in the growing middle ground where conventional and blockchain-based systems increasingly converge.
The upcoming launch of Byreal follows Bybit’s shutdown of numerous web3 services last month, including its Cloud Wallet, Keyless Wallet, NFT marketplace, DEX Pro, and Swap & Bridge, with all closures scheduled for May 31.
The exchange also discontinued Web3 Points, its loyalty program, along with several other services such as the fiat-to-crypto on-ramp and initial DEX offering service.
Those terminations are part of Bybit’s strategy to refine its focus on core product quality, following a major $1.4 billion loss due to a hack.
