Crypto exchange Bybit has announced plans to launch its decentralized exchange (DEX) called Byreal on the Solana blockchain in the third quarter of 2025. A testnet version of the exchange is expected to be released at the end of June. Byreal aims to combine the liquidity of centralized exchanges (CEX) with the transparency of decentralized finance (DeFi), according to Bybit CEO Ben Zhou. The exchange will utilize advanced routing technologies, including Request for Quote (RFQ) and Concentrated Liquidity Market Maker (CLMM) mechanisms, to facilitate low-slippage and fast transactions. As the DEX market remains competitive, with existing leaders like Curve and Raydium, Bybit hopes that Byreal will offer unique features that leverage CEX-grade liquidity in a decentralized framework. The total value locked (TVL) in decentralized exchanges has seen significant fluctuations, currently standing at $20.3 billion following a peak of $80 billion in late 2021, indicating a challenging market landscape for new entrants like Byreal.

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