Bybit has announced its intention to launch a new decentralized exchange Byreal based on Solana in the third quarter, with a test version expected at the end of June.
Announcement and Features of Byreal
In a post on the X platform, the company's CEO Ben Zhou stated that the new exchange Byreal will combine elements of centralized and decentralized trading. He said: "Byreal isn’t just another DEX; we’re building the onchain extension of a global exchange, combining CEX-grade liquidity with DeFi-native transparency."
Technological Advantages of the DEX
Zhou emphasized that Byreal will offer unified liquidity and speed, designed with RFQ (Request for Quote) and CLMM (Concentrated Liquidity Market Maker) routing. He also added that users will be able to conduct low-slippage trades with MEV protection.
Competition in the Decentralized Exchange Market
According to DefiLlama, Bybit's DEX will enter a competitive market where Uniswap leads with a 24% share and $4.9 billion in total value locked. The next largest are Curve DEX and PancakeSwap. Currently, the total value locked in DEX amounts to $20.3 billion, which is down 75% from its peak in November 2021.
The launch of Byreal could potentially heighten competition in the decentralized exchange market by providing users with new opportunities and advantages, but also raises questions about its ability to attract liquidity in an already saturated environment.
