On June 30, Bybit will introduce Byreal, its inaugural on-chain DEX operating on Solana.
On Sunday, crypto exchange Bybit announced that it will launch Byreal, its first on-chain DEX, by the end of this month. With Solana as its backbone, the new platform seeks to offer the finest aspects of both centralized exchange and decentralized finance, a concept that Bybit CEO Ben Zhou describes as “real hybrid finance.”
Additionally, the new DEX will offer features like a fair launchpad model with a Smart Price Ladder and Fairshare Engine, along with curated yield vaults that include bbSOL, a SOL-based Liquid Staking Token (LST).
Last September, Bybit introduced bbSOL in partnership with various Solana ecosystem collaborators such as Sanctum, Kamino Finance, Orca, and Solayer. To connect Bybit’s CEX and web3 platforms, the token was created, allowing users staking SOL on Bybit Web3 to obtain bbSOL tokens.
On June 30, Bybit intends to introduce the testnet for Byreal, while the mainnet is anticipated to be deployed in the third quarter of 2025.
The platform marks Bybit’s foray into hybrid finance, with intentions to launch future CEX and DEX projects. The exchange can be accessed via byreal.io.
Zhou, a recognized supporter of hybrid DeFi models, previously endorsed a combination of traditional and DeFi systems, asserting that the future of finance resides not at either end of the spectrum, but in the expanding middle ground where conventional and blockchain-based systems are coming together more and more.
Byreal’s impending launch comes after Bybit last month discontinued several web3 services, including its Cloud Wallet, Keyless Wallet, NFT marketplace, DEX Pro, and Swap & Bridge, all set to close on May 31.
The exchange terminated its loyalty program, Web3 Points, along with several other services, including the fiat-to-crypto on-ramp and initial DEX offering service.
Bybit is terminating these employees as part of its strategy to concentrate more on the quality of its core products in the wake of a major hack that resulted in $1.4 billion in losses.
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