TLDR
- Bybit plans to launch Byreal, a hybrid Solana-based decentralized exchange in Q3 2025, with testnet starting June 30
- Byreal combines centralized exchange liquidity with DeFi transparency using RFQ and CLMM routing technology
- The platform promises low-slippage and MEV-protected swaps with unified liquidity and speed
- Byreal enters a competitive DEX market dominated by Uniswap with $4.9 billion TVL and 24% market share
- Solana’s DEX ecosystem is led by Raydium with $1.7 billion TVL, though trading volume has dropped 88% since January
Crypto exchange Bybit has announced plans to launch Byreal, a new Solana-based decentralized exchange in the third quarter of 2025. The company’s CEO Ben Zhou revealed the timeline in a Sunday X post, stating that a testnet version will go live on June 30.
Byreal positions itself as a hybrid platform that bridges centralized and decentralized trading. Zhou described the exchange as combining “CEX-grade liquidity with DeFi-native transparency.” The platform aims to serve as an “onchain extension of a global exchange,” according to the Byreal team.
Announcing Byreal — our first onchain DEX incubated by Bybit, will be LIVE by end of the month. Starting from scratch and now born on Solana. what's special: 1/ CEX + DEX synergy Byreal isn’t “just another DEX.” It’s combining CEX-grade liquidity with DeFi-native transparency.… https://t.co/JU60e4zHQ4
— Ben Zhou (@benbybit) June 15, 2025
The new DEX will use advanced routing technology to optimize trading. Byreal incorporates RFQ (Request for Quote) and CLMM (Concentrated Liquidity Market Maker) systems. RFQ allows traders to request quotes from multiple sources to find the best prices.
CLMM enables liquidity providers to focus their capital within specific price ranges where trading activity is expected. This creates deeper liquidity around current market prices. Zhou claims these features will deliver “low-slippage and MEV-protected swaps at serious speed.”
It’s official. Byreal is here.👋🏽
Incubated by @Bybit_Official, born on @Solana.
Byreal is a new onchain liquidity network for the next wave of assets — where real value is listed, discovered, and traded transparently. pic.twitter.com/seDoKdZCKw
— Byreal (@byreal_io) June 15, 2025
Competitive Market Landscape
The DEX market presents challenges for new entrants like Byreal. Uniswap currently leads the sector with a 24% market share and $4.9 billion in total value locked (TVL), according to DefiLlama data. Curve DEX and PancakeSwap hold second and third positions with $1.9 billion and $1.7 billion in TVL respectively.
The overall DEX market has contracted from its peak. Total TVL across all DEXes now stands at $20.3 billion, representing a 75% decline from the November 2021 high of $80 billion. DefiLlama data shows DEX TVL has remained relatively flat over the past three years.
Solana’s ecosystem faces similar challenges. The network has gained popularity for memecoin trading, but DEX activity has fluctuated. Raydium dominates Solana’s DEX landscape with $1.7 billion in TVL and a 55% market share of the ecosystem’s total locked value.
Solana DEX Performance Trends
Raydium experienced a surge in usage during January when memecoin traders used the platform to trade tokens from the Pump.fun marketplace. However, trading volume has since declined sharply. DefiLlama reports that Raydium’s volume has dropped 88% from its January peak.
This volatility reflects broader patterns in the Solana ecosystem. While the network supports various decentralized exchanges, trading activity remains concentrated in memecoin markets. The performance of existing Solana DEXes will likely influence user adoption of Byreal.
Bybit’s entry into the Solana DEX space comes as the company expands its DeFi offerings. The exchange has previously focused on centralized trading services. Byreal represents an attempt to capture both traditional crypto traders and DeFi users through its hybrid approach.
The testnet launch on June 30 will provide an initial test of Byreal’s technology and user interest. The mainnet launch is scheduled for Q3 2025, with Bybit targeting integration of its centralized exchange liquidity with decentralized trading features.
