Bybit, the cryptocurrency exchange, has announced the launch of its first on-chain DEX Byreal, which is set to enter beta testing by the end of June 2025. The platform will be built on the Solana ecosystem.
Announcement of Byreal
CEO of Bybit, Ben Zhou, announced the launch of the new decentralized exchange called Byreal. In his post, Zhou mentioned that the exchange is set to launch by the end of June 2025, highlighting that it will be 'the first on-chain DEX incubated by BB.'
Features of the New DEX
According to Zhou, Byreal aims to create a synergy between centralized and decentralized exchanges. It will utilize centralized liquidity mechanisms while ensuring 'DeFi-native transparency.' Zhou also noted that Byreal combines RFQ and CLMM mechanisms to provide faster and lower-cost swaps.
Challenges and Prospects for Bybit
Earlier this year, Bybit faced a significant cyberattack that resulted in the theft of $1.4 billion in Ethereum. This has raised security concerns among users. Regardless, users are eagerly awaiting the launch of Byreal, expected by the end of the month.
The announcement of Byreal highlights Bybit's efforts to expand its offerings in decentralized markets despite recent security challenges.
