Bybit, a global cryptocurrency exchange, has announced plans to launch its new decentralized exchange, Byreal, on the Solana blockchain. The company stated that Byreal’s testnet will go live at the end of June, with a mainnet release set for the third quarter of 2025.

In a recent statement posted on X, Bybit CEO Ben Zhou said that Byreal will distinguish itself by merging features of both centralized exchanges (CEX) and decentralized exchanges (DEX). “Byreal isn’t just another DEX,” Zhou wrote, highlighting its hybrid approach of offering “CEX-grade liquidity with DeFi-native transparency.”

The Byreal team explained that the platform is designed with unified liquidity, speed, and features like RFQ and CLMM routing. RFQ, or Request for Quote, allows users to request prices from multiple sources to find the best deal. CLMM, or Concentrated Liquidity Market Maker, lets liquidity providers focus their funds on specific price ranges, creating more efficient markets. Zhou stated that Byreal enables “low-slippage and MEV-protected swaps at serious speed.”

The launch of Byreal comes as the decentralized exchange space remains highly competitive. Uniswap continues as the leading DEX with a 24% market share and $4.9 billion in TVL, according to DefiLlama. Curve and PancakeSwap hold $1.9 billion and $1.7 billion, respectively, while total DEX TVL has declined 75% from its height of $80 billion in November 2021 to $20.3 billion.

Within the Solana network, Raydium is the largest decentralized exchange, holding $1.7 billion in TVL and controlling 55% of the ecosystem’s locked assets. Raydium’s trading volume surged in January as memecoin traders entered the market but has since declined by 88%, reported DefiLlama.

Additional details about Byreal’s upcoming features and timelines are available on the official announcement channels.

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