Cryptocurrency exchange Bybit has announced the development of Byreal, a novel hybrid decentralized exchange (DEX) built on the Solana blockchain. This platform aims to merge the deep liquidity typically associated with centralized exchanges (CEX) with the transparency and self-custody benefits of decentralized finance (DeFi).
Byreal incorporates sophisticated trading mechanisms, including Request-for-Quotation (RFQ) and Concentrated Liquidity Market Maker (CLMM) routing. These features are designed to provide users, ranging from retail to institutional traders, with low-slippage trades and protection against Maximal Extractable Value (MEV).
The platform also introduces unique functionalities for token distribution and yield generation. The Reset Launch mechanism is intended to ensure fair token distribution for new projects, while Revive Vaults will offer curated DeFi yield products.
Ben Zhou, Co-founder and CEO of Bybit, characterized Byreal as representing ‘real hybrid finance’ (ReFi), effectively combining the liquidity advantages of a CEX with the open and permissionless nature of DeFi.
Leveraging Solana’s high throughput and low latency infrastructure, Byreal targets the delivery of fast, scalable, and secure trading experiences. A testnet launch is anticipated soon, allowing users to explore the platform’s capabilities. Following this testing phase, the mainnet launch is planned for the third quarter, with user feedback playing a key role in final refinements.