What is Byreal? The DEX incubated by Bybit
Decentralized exchanges (DEXs) have seen rapid growth as traders seek greater transparency and more control over their assets. However, DEXs can be slow and illiquid, particularly when compared to centralized exchanges (CEXs) like Bybit.
Now, a new solution is emerging: hybrid finance — a mix of CEX speed and liquidity with the self-custody and transparency of decentralized finance (DeFi). Bybit is joining this shift with Byreal, a fully on-chain DEX built on the fast and low-cost Solana blockchain.
Key Takeaways:
Byreal, Bybit’s first decentralized exchange, is built to deliver CEX-grade speed and DeFi transparency.
Built on Solana, Byreal combines RFQ and CLMM routing to power low-slippage, MEV-protected trading.
What is Byreal?
Byreal, Bybit’s first fully on-chain decentralized exchange (DEX), is built on the Solana blockchain. Offering the speed and deep liquidity of Bybit’s CEX while maintaining DeFi’s transparency and user control, it’s designed to bring together the best of both worlds.
Source: Ben Zhou (@benbybit on X)
Bybit created Byreal as part of a strategic shift. After scaling back some of its earlier web3 products, such as the NFT marketplace and Cloud Wallet, Bybit is now focusing on scalable, long-term solutions. Byreal is central to that vision. As Bybit CEO Ben Zhou puts it, Byreal isn’t just another DEX — it’s “real hybrid finance,” a next-gen platform for secure, fast and transparent on-chain trading. Within just 30 days of its full platform launch, Byreal had a daily trading volume of over $50 million, and is now one of the top 10 Solana DEXs.
Byreal’s 2025 key stats and milestones
June 28: Byreal Beta goes live
June 30: Byreal’s first IDO with Fragmetric launches; a total of 5,505 users participated, subscribing 49,587 bbSOL and achieving 22.5X oversubscription
July 15: Byreal Beta surpasses 300,000 registered wallets
August 21: After seven weeks live, Byreal Beta’s trading volume exceeds $100M, with its TVL growth ranked 7th on Solana
September 13: TVL surpasses $14.89M, ranking 12th among Solana DEXs
November 25: Cumulative trading volume exceeds $821M
Source: DefiLlama
Source: Byreal (@byreal_io on X)
Core products and features
Byreal DEX is the core infrastructure of the Byreal platform. It connects on-chain and off-chain liquidity through intelligent routing, delivering an efficient and flexible trading experience for users.
Internal CLMM (concentrated liquidity market maker)
Liquidity is concentrated within specific price ranges, enabling higher capital efficiency and lower slippage
Supports customizable fee tiers, giving LPs flexible yield strategies
External liquidity aggregation
Deep integration with top Solana DEXs, such as Raydium, Orca and Meteora
Ensures abundant liquidity across and beyond the Solana ecosystem with optimal execution prices
Internal RFQ (off-chain request-for-quote system)
Direct connectivity with market makers and CEX order books
Provides zero slippage, and firm real-time quotes with strong price certainty
Real Farmer: A social mining model that boosts rewards through community
Real Farmer is Byreal’s social liquidity system. Users not only earn from their own LP positions, but can also earn additional rewards through the Real Farmer network. The positions you copy, along with users who follow your LP strategies, all contribute to boosting your overall earnings.
Earnings for creators (Real Farmers)
Earn 5% referral rewards from the returns generated by your followers
The more followers you have, the more your own position earns — up to 10% yield boost
Earnings for followers
Copy high-quality strategies and earn up to 5% additional yield on your own position
When others copy your position, you automatically become a Real Farmer and earn 2.5% referral rewards from their LP fees
With Real Farmer, every user has the opportunity to become an evangelist and build their own community. The more followers you attract, the higher your overall earnings become.
Source: Byreal
Reset Launch: A first-of-its-kind tiered fundraising platform
Reset Launch is Byreal’s innovative IDO platform. Unlike traditional fixed-price IDOs, Reset Launch uses a tiered pricing participation mechanism that allows users to choose their preferred entry levels and better manage risk and returns.
Tiered purchasing
Users are no longer bound to a single fixed IDO price determined by the specific project. Instead, they can freely select from multiple price tiers and choose the valuation they believe is fair.
Flexible bidding strategies
Users may bid across multiple price tiers within the same IDO, enabling multi-strategy participation and distribution of capital across different valuation ranges.
No sniping risk
Within each price tier, allocations are distributed proportionally, based on the amount users contribute — effectively eliminating the common “bot sniping” issues seen within traditional IDO platforms.
First Reset Launch case study: Fragmetric
Completed the entire tiered fundraising process within three minutes
Achieved 22× oversubscription, raising nearly 50,000 bbSOL
Over 30% participation conversion rate across more than a dozen active Solana communities
Average contribution exceeded 9.5 bbSOL (with a 10 bbSOL cap per address)
Per-address returns reached $500+
Source: Byreal
RWA assets
Byreal focuses on real-world assets (RWAs) and has built one of the strongest liquidity infrastructures on Solana, powering both deep liquidity and growing trading volume across the ecosystem. Through strategic partnerships with platforms such as xStocks and XAUt0 (gold), users can access and provide liquidity to RWA pools alongside SOL-bbSOL and USDC-USDT pools to earn yields directly on-chain.
Tokenized stocks: xStocks
Offers 13 xStocks tokenized stock liquidity pools (SPYx, TSLAx, NVDAx, etc.)
Provides regular additional liquidity incentive rewards
Users can directly purchase tokenized stocks and enjoy the convenience of on-chain trading
Source: Byreal
Gold: XAUt0
Has established a strategic partnership with Tether to drive on-chain gold adoption
Provides the deepest XAUt0–USDT liquidity on Solana
Offers up to 42.55% annualized returns
Why Byreal matters
The crypto space is shifting. Although more users seek self-custody and transparency, they don’t want to sacrifice performance. This is fueling the rise of hybrid models such as Byreal and platforms like Hyperliquid.
What makes Byreal unique is the way it combines deep liquidity with on-chain control. Users don’t have to trust a third party with their assets, and they still get fast execution and high-quality trading tools.
Byreal is set to be a major player in the evolving digital finance world. It's perfectly aligned with the growing trend of internet capital markets, making it easy to trade both cryptocurrencies and RWAs, such as stocks and bonds, on-chain. By combining institutional-grade design with Solana's efficiency, Byreal aims to be a key platform for the future of digital finance.
Byreal isn’t just another DEX — it’s a blueprint for the confluence of CEX and DeFi. Whether you're an individual trader or an institution, Byreal offers a new way to trade that’s fast, transparent and fully on-chain.
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