Bybit is preparing to launch a new decentralized exchange, called Byreal. The platform will go live on the Solana testnet on June 30. The full launch on the mainnet is expected in the third quarter of 2025.

Byreal is designed as a hybrid exchange. It combines elements of centralized and decentralized trading. The company says it will offer centralized exchange-level liquidity and the transparency of decentralized finance.

Ben Zhou, CEO of Bybit, described Byreal as a product that brings CEX-grade liquidity with DeFi-native transparency. The Byreal team called the platform an onchain extension of a global exchange.

Byreal will include features like Request for Quote (RFQ) and Concentrated Liquidity Market Maker (CLMM) routing. RFQ allows users to request price quotes from multiple sources. CLMM helps liquidity providers Liquidity Providers A liquidity provider (LP) constitutes an individual and/or an institution that functions as a market maker in a given asset class. Broadly speaking, liquidity providers will act as both the buyer and seller of a particular asset, thus making a market. In the equities space, many stock exchanges rely on liquidity providers who make the commitment to provide liquidity in a given equity. These liquidity providers commit to providing liquidity in the hopes that they will be able to make a profit on A liquidity provider (LP) constitutes an individual and/or an institution that functions as a market maker in a given asset class. Broadly speaking, liquidity providers will act as both the buyer and seller of a particular asset, thus making a market. In the equities space, many stock exchanges rely on liquidity providers who make the commitment to provide liquidity in a given equity. These liquidity providers commit to providing liquidity in the hopes that they will be able to make a profit on Read this Term focus their capital within price ranges where trading is most likely to happen. This setup is intended to reduce slippage and improve trade execution.

The exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term is designed to offer fast swaps with protection against MEV. MEV (maximum extractable value) is a factor in DeFi trading that can impact transaction fairness and pricing.