Based on available reports, Bybit is coming back to DeFi with Byreal, its first on-chain decentralized exchange (DEX), launching on June 30. The new on-chain DEX platform will run on Solana and is described as a “real hybrid finance”, a unification of centralized and decentralized trading environments in one infrastructure.
This comes after a tough period for Bybit, which recently closed several Web3 services as part of a broader restructuring. Now, the company is refocusing on building a more resilient and interoperable trading ecosystem.
Hybrid Finance is the New Black
Byreal will be the foundation of Bybit’s hybrid finance strategy. According to the announcement, the on-chain DEX will have a unified liquidity model with two routing systems: Requesting-for-Quote (RFQ) and Concentrated Liquidity Market Maker (CLMM). This will give institutional grade execution with low slippage, high capital efficiency and built-in Miner Extractable Value (MEV) protection.
In a post about the news, Bybit CEO Ben Zhou said the platform will deliver “real hybrid finance”, not just a mix of systems but a rethinking of how user experience and market infrastructure should evolve.
“We believe the future isn’t binary between centralized and decentralized systems. It’s in the middle ground where we take the best of both worlds to serve users better,” Zhou said.
Testnet this month, Mainnet Q3
Byreal’s testnet will go live on June 30, with mainnet launch in Q3 2025. The DEX will be available at byreal.io and the initial product suite will include curated yield vaults and a new launchpad mechanism.
The launchpad is built on a Smart Price Ladder and Fairshare Engine to ensure fair token distribution. This should appeal to retail users who are tired of bot dominated launches and high gas fees on Ethereum based launchpads.
One of the key features is bbSOL, a Solana based Liquid Staking Token (LST) introduced by Bybit in partnership with leading Solana protocols such as Sanctum, Kamino Finance, Orca and Solayer. bbSOL allows users to stake SOL through Bybit Web3 and earn staking rewards while keeping liquidity in line with the hybrid finance thesis of flexibility without compromise.
From Exit to Expansion: Bybit’s U-Turn
Bybit is launching Byreal just weeks after a major pruning of its Web3 services. The company had closed its Cloud Wallet, Keyless Wallet, NFT Marketplace, DEX Pro and Swap & Bridge along with its Web3 loyalty program citing quality over quantity.
The company re-evaluated its security framework and priorities after a $1.4 billion hack earlier this year. Instead of exiting DeFi altogether, Bybit chose to rebuild with stronger, more focused infrastructure.
This hasn’t gone unnoticed. Industry analysts are calling the upcoming launch a “litmus test” for hybrid finance platforms to finally deliver on years of theoretical promise.
Hybrid Finance Industry Perspective
Hybrid finance (HyFi) isn’t new. What’s different about Bybit’s approach is deploying it on Solana, a blockchain known for speed, low costs and scalability, exactly what Ethereum-based DEXs have been lacking.
According to Jeff Owens, co-founder of decentralized infrastructure startup LayerGrid,
“The real value of hybrid finance is meeting users where they are. Traders want speed but they also want trustless systems. You can’t compromise on either if you want mass adoption.”
He added,
“The convergence of centralized performance and decentralized transparency is not only logical but necessary. It’s no longer about ideology. It’s about utility.”
Zhou has made this point in the past, saying during a 2024 panel at TOKEN2049,
“We see Web3 not as a competitor to CEXs but as an extension of what good finance should be fast, fair and free from rent-seeking intermediaries.”
Why Solana
Byreal’s Solana integration shows growing institutional confidence in the chain despite past issues. The Solana ecosystem has recovered from the outages and reputational damage of 2022-2023. With consistent network uptime, active dev activity and increasing TVL, Solana is now a viable competitor to Ethereum for applications where speed and user experience matter.
According to DeFiLlama, Solana’s TVL has rebounded 250% year-on-year as of June 2025. Bybit choosing Solana as the underlying blockchain for Byreal reflects this renewed momentum.
Plus, the integration of bbSOL and partnerships with Solana-native platforms like Kamino Finance and Orca shows Bybit is embedding itself into the Solana DeFi ecosystem.
Conclusion: What’s at Stake
With other CEXs also eyeing hybrid offerings, Binance’s Fusion and OKX’s multi-chain Web3 wallet, Byreal is in a high-stakes game.
How the market reacts to Byreal will set the tone for CEXs for years to come. If the testnet on June 30 goes smoothly and mainnet delivers on the features, it’ll be a template for how CEXs can transition to composable, decentralized architecture without sacrificing performance or liquidity.
FAQs
What is Byreal?
Byreal is Bybit’s upcoming on-chain DEX on Solana that merges centralized and decentralized finance under a hybrid model.
When will Byreal launch?
Byreal testnet is on June 30, 2025 and mainnet in Q3 2025.
What blockchain will Byreal use?
Byreal is on Solana for speed, scalability and low cost transactions.
What features will Byreal have?
RFQ and CLMM routing for trading, Smart Price Ladder and Fairshare Engine on launchpad, bbSOL yield vaults, MEV protection.
Why did Bybit shut down its Web3 services?
Bybit closed several Web3 services in May 2025 to focus on product quality after a $1.4 billion hack.
Glossary
HyFi (Hybrid Finance) – A financial system that combines centralized and decentralized trading for better performance and transparency.
DEX (Decentralized Exchange) – A platform to trade crypto assets without a central intermediary.
CLMM (Concentrated Liquidity Market Maker) – An AMM that concentrates liquidity in specific price ranges for higher capital efficiency.
RFQ (Request-for-Quote) – A trading model where users request price quotes from liquidity providers before executing a trade.
bbSOL – A liquid staking token issued by Bybit, backed by staked SOL, so users can earn rewards while keeping their assets liquid.
MEV (Miner Extractable Value) – A form of value that can be extracted by miners or validators through transaction ordering, often front-running..
Sources
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