Bybit Announces DEX Byreal – Will It Stand Out in the $20B+ Market?

Leading Crypto Exchange Bybit has announced entering the highly competitive DEX market with its new DEX Byreal on Solana. Can it Compete?

Published by

Sneha Agrawal

June 16, 2025

Bybit Announces DEX Byreal – Will It Stand Out in the $20B+ Market?

In a major announcement, the leading centralised crypto Exchange (CEX) Bybit has announced its first onchain DEX called Byreal.

To be launched by Q3, the new DEX will leverage the Solana network which has been continuously outpacing Ethereum in terms of DEXs volume.

Ben Zhou, co-founder and CEO of Bybit while making the announcement said, “Byreal isn’t just another DEX.” According to Zhou, it will stand out as a pioneer of real hybrid finance by having the CEX+DEX Synergy. It combines CEX-grade liquidity with DeFi-native transparency.

The bet on its own DEX launch by leading Crypto Exchange Bybit comes as the DEX’s share in total Spot trading volume has reached 16%. But for Derivatives, it still holds a small slice of just 1-2%.

With exchanges like Uniswap, Pancake Swap already maintaining domination in the market, a new DEX launch is set to face intense competition.

Will Bybit’s New DEX Byreal Survive the Fierce Competition?

Bybit DEX Byreal is betting on its unified liquidity and speed for distinction. With its hybrid trading, it integrates RFQ+CLMM Routing – to give traders both tight pricing and deep liquidity, no matter the order size.

Byreal’s hybrid model RFQ will route large or complex orders where professional market makers provide off‑chain quotes for guaranteed, slippage‑free execution.

For smaller, everyday trades, it uses Concentrated Liquidity Market Maker (CLMM) pools. CLMM will ensure deep liquidity, predictable pricing, and reduced MEV risks.

The dual approach will be offering institutional‑grade pricing for big trades and capital‑efficient, low‑cost swaps for retail users.

It’s official. Byreal is here.👋🏽

Incubated by @Bybit_Official, born on @Solana.

Byreal is a new onchain liquidity network for the next wave of assets — where real value is listed, discovered, and traded transparently. pic.twitter.com/seDoKdZCKw

— Byreal (@byreal_io) June 15, 2025

However, Bybit DEX Byreal is entering a heavily competitive market where Uniswap, PancakeSwap, Raydium and dYdX together capture over 70% of DEX volume.

Can it Outshine Incumbents? Yes, if Implemented Properly

As a CEX‑backed DEX, Byreal also inherit Bybit’s regulatory headaches particularly its recent $1.5 billion hack of February 2025 still creates trust issues in the market. Thus, the Smart‑contract exploits remain a constant threat: a major hack could irreparably damage trust.

But Byreal has certain key advantages – Bybit’s user pipeline of over 70 million worldwide, a versatile hybrid engine, and Solana’s performance – to carve out a niche. Overcoming entrenched liquidity pools, regulatory uncertainty, and network outages will be its greatest tests.

Its ultimate success will hinge on execution, rapid i

ncentivization, rock‑solid security. Providing seamless user experiences can also help it in truly outshining incumbents. Its testnet is scheduled to launch on Jun 30.

The launch comes as the on‑chain DEX market hits $29.2 billion as of writing. In the last 24 hours only, decentralized exchanges (DEXs) have collectively seen roughly $10.2 billion though it down about 33% over the last day.

Also Read: Aurora Launches Marketplace to Ease Chain Deployments

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About Author

With over four years of experience in covering and tracking the financial markets, Sneha Agrawal is a dedicated Crypto Journalist and Editor with passion for researching and writing the crypto pieces. She is currently leading the Brandtalk section, here at CoinGape. She likes to keep track of political, legal and financial happenings all around the world - without which she deems her day incomplete. Apart from her Journalistic endeavours, she is a solo traveler, museum goer, and a keen reader of books.