Bybit, one of the world’s top cryptocurrency exchanges, is disrupting the DeFi arena. They’re starting things off with Byreal, a hybrid decentralized finance protocol operating on the Solana network. As a hybrid exchange, this innovative platform seamlessly combines the liquidity benefits of centralized exchanges (CEX) with the transparency and security of decentralized exchanges (DEX). It gives users the win-win. The start of the testnet will be on Thursday, June 30. Look for that mainnet launch in Q3 of 2025 🙂
Byreal will launch a model of fair launchpad, applying Smart Price Ladder and Fairshare Engine along with well-curated yield vaults. This new approach, we hope, will go a long way toward creating a more level, equitable, and transparent playing field for investing in new projects and opportunities.
Bybit’s decision to build fully-featured Byreal on Solana is testament to the rising confidence in the Solana ecosystem. Additionally, Solana has experienced a significant amount of institutional interest, drawing in institutional players such as Kraken, Fidelity, and r3. For one, Solana-based decentralized applications (dApps) have led all chains in revenue creation for eight months running.
In fact, in the month of May alone, Solana dApps accounted for 58% of the overall dApp revenue. Hyperliquid was the biggest breakout star in the derivatives space. That’s right—80% of all derivatives volume on any blockchain in that timeframe!
Reacting to the launch, Bybit CEO Ben Zhou stressed that Byreal is not like other DEXs. The “CEX + DEX synergy” is a foundational factor to it, making it different from typical decentralized exchanges. Solana’s primary attractiveness comes from their remarkable scalability and revenue generating potential, which have made the blockchain a destination for creative new DeFi solutions.
"Byreal is a new on-chain liquidity network for the next wave of assets, where real value is quoted, discovered, and traded transparently" - Byreal's page on X
In recent weeks, Bybit has made clear this has been on a mission to diversify its product portfolio. To top it all off, they’ve released gold trading on their platform! The exchange has stopped facilitating certain Web3 services. These are Cloud Wallet, Keyless Wallet, DEX Pro Swap & Bridge, and its NFT marketplace.
