Bybit, one of the world’s most active crypto derivatives exchanges, has announced the launch of Byreal, a decentralized exchange (DEX) built on Solana, marking its most aggressive push yet into DeFi.
The move signals a broader pivot toward hybrid finance, where centralized liquidity meets decentralized transparency.
“Byreal isn’t ‘just another DEX.’ It’s combining CEX-grade liquidity with DeFi-native transparency,” tweeted CEO Ben Zhou in a press note released on June 15.
The statement, part of a broader thread, emphasized Byreal’s ambition to combine the “CEX-grade liquidity” of Bybit with the auditability and self-custody of DeFi.
CeDeFi takes shape
Byreal is set to enter testnet by June 30, with a mainnet launch scheduled for Q3 2025. According to CryptoBriefing’s exclusive first look, the DEX uses a blend of RFQ (Request for Quote) and CLMM (Concentrated Liquidity Market Maker) routing, aiming to offer slippage, MEV-resistant trades, deemed key pain points for DeFi traders.
The platform also introduces a novel “Reset Launch” mechanism for fair token launches and a Revive Vault yield product built around bbSOL, a Bybit-native version of staked Solana.
Byreal arrives at a time when DEX volumes are resurging: weekly totals recently averaged above $10 billion for the first time since 2021, a 16% spike according to DeFiLlama.
Meanwhile, Solana’s resurgence, buoyed by sustained 100% uptime in 2025 and peak transaction speeds over 65,000 TPS, makes it a strategic base layer for scalable on-chain infrastructure.
Why it matters
Bybit’s Solana-native DEX marks a watershed for CeDeFi, the increasingly favored hybrid model among exchanges seeking to retain user trust while expanding on-chain.
With major CEXs like Coinbase doubling down on Ethereum L2s, Bybit’s Solana route puts it on a divergent yet competitive path, one that could accelerate the volume flippening between centralized and decentralized trading.
It also marks a reputational reboot: Byreal is the first major product launch since Bybit’s $1.4 billion hack in February, which forced the exchange to seek emergency liquidity from Binance and Bitget. Its in-house Web3 suite was shuttered shortly after. By moving liquidity on-chain, Bybit appears to be making a play for innovation and trust.
The open questions & what’s next
Despite its ambitions, several elements remain unconfirmed: no audit partners have been announced, and details on liquidity provisioning, especially how Byreal will attract market makers, are yet to be disclosed.
Regulatory treatment is also a looming wildcard. While branded as a DEX, Byreal is incubated by a centralized exchange, raising the possibility that authorities may still consider it a custodial platform in disguise.
If Byreal succeeds, it could pressure rivals like Uniswap, PancakeSwap, and Coinbase to rethink their decentralization narratives. If it fails, it may become a case study in the limitations of CeDeFi when neither side of the hybrid is fully convinced.
The bet is on, and Solana is at the table.
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