Bybit CEO Ben Zhou declared that the exchange’s first incubated on-chain liquidity network, Byreal, is set to make its debut at the end of June 2025.
In a recent post, Zhou announced to his followers that the exchange is gearing up to release its first on-chain liquidity DEX which will be built on the Solana (SOL) ecosystem. According to the official announcement, the on-chain DEX is set to go live by the end of this month.
“Announcing Byreal — our first on-chain DEX incubated by BB, will be LIVE by end of the month. Starting from scratch and now born on Solana,” said Zhou in his post.
Zhou highlighted several elements of the new liquidity network that he believes sets it apart from other DEXs on-chain. The first is how it is able to bridge the gap between CEX and DEX by deploying centralized liquidity mechanism on the protocol while boasting what it calls “DeFi-native transparency.”
“This is what real hybrid finance looks like. Future Cex + Dex project launch coming soon,” said Zhou.
Zhou seems to be hinting at an upcoming product or feature from the exchange —possibly integrated with Byreal— that will further integrate centralized and decentralized trading.
Based on the main post, traders can look forward to Byreal’s beta testing phase which is set to take place within the month.
Another point that the Bybit CEO emphasized is how the platform facilitates unified liquidity alongside processing speed. He explained that the protocol’s liquidity mechanism is built upon a hybrid of RFQ and CLMM.
Request for Quote or RFQ is a liquidity mechanism that is usually used in OTC or pro-grade trading. RFQ allows market makers to quote prices dynamically, leading to more efficient execution for larger orders.
Meanwhile, Concentrated Liquidity Market Maker or CLMM is a mechanism that was made popular through protocols like Uniswap version 3. CLMM lets liquidity providers concentrate capital within specific price ranges, making liquidity deeper in areas that need it most.
By combining the two mechanisms, Byreal may able to route trades based on optimal pricing with dynamic quote pricing. Zhou also stated that the protocol offers its users “low-slippage, MEV-protected swaps at serious speed.”
Earlier this year, Bybit became the victim of one of the largest crypto heists in history, when a group of hackers stole $1.4 billion in Ethereum (ETH) from the exchange’s reserves. At the end of May, on-chain data showed that it least half of the stolen funds have become untraceable.
