Bybit has announced the launch of its decentralized exchange Byreal on the Solana platform. The testnet version is expected to be available by the end of this month, with the mainnet launch planned for Q3 2025.
What is Byreal and its features
Byreal is represented as a hybrid DeFi protocol that combines centralized exchange (CEX) liquidity with decentralized exchange (DEX) transparency. Bybit’s CEO Ben Zhou noted that Byreal offers a synergy of CEX and DEX, adding that it is not 'just another DEX.' He also emphasized that Byreal utilizes a unified liquidity model based on request-for-quote (RFQ) and concentrated liquidity market maker (CLMM) routing, ensuring high speed and low slippage for swaps.
Impact of the launch on market and competition
Bybit's decision to launch a DEX may be partly influenced by the success of the Hyperliquid platform, which accounted for around 80% of the on-chain derivatives trading volume in May. The competition in the DEX sector is significantly less intense than in the spot trading sector, which features platforms like Uniswap and Pancakeswap. Nonetheless, Bybit continues to focus on expanding its product line despite recent restructuring following a serious system vulnerability.
Solana's prospects and institutional support
The launch of Byreal on Solana could also boost the network's growth. Recently, Solana has gained support from notable institutional players like Kraken and Fidelity. This underscores Solana’s speed and scalability as it becomes a favored blockchain among traditional finance. Proponents of Solana believe that Byreal will add new assets and demand to the ecosystem, attracting new users.
Thus, the launch of the decentralized exchange Byreal on Solana marks an important step for Bybit and may influence the decentralized finance market, strengthening Solana's position as a platform for institutional solutions.
