Crypto exchange Bybit is set to launch Byreal, a hybrid decentralized exchange (DEX) on Solana, aiming for a third quarter release. The testnet version will be available at the end of June. CEO Ben Zhou emphasized that Byreal combines centralized exchange (CEX) liquidity with decentralized finance (DeFi) transparency. The platform features CEX-grade liquidity and aims for low-slippage, MEV-protected swaps through advanced routing techniques including Request for Quote (RFQ) and Concentrated Liquidity Market Maker (CLMM). Byreal enters a competitive market, with existing DEXs like Raydium and Curve dominating the landscape. As of late, DEX total value locked (TVL) stands at $20.3 billion, significantly down from its peak. Solana's DEX market is also evolving, primarily known for memecoins, with Raydium currently holding a large share of the TVL on the network. Bybit's new offering seeks to address challenges faced in this space as trading volume fluctuates.

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