Hybrid Finance: Merging DEX Speed with CEX Liquidity

Hybrid finance merges DEX self‑custody benefits with CEX speed and deep liquidity, meeting investor demands for security, transparency, and trade execution.

As the use cases for crypto assets continue to broaden, investors are demanding higher standards of security, transparency, and execution efficiency from trading platforms. Decentralised exchanges (DEXes) have quickly attracted attention thanks to their on‑chain self‑custody model, yet they still lag behind traditional centralised exchanges (CEXes) in terms of trade speed and liquidity depth.

To reconcile this tension, the industry has coined the term “hybrid finance.” The idea is to retain the high throughput and deep liquidity of a centralised platform while introducing the auditability and user‑controlled assets of a decentralised system. Byreal – launched by Bybit – is a direct response to this trend. It is a fully on‑chain DEX built on the high‑performance Solana blockchain, designed to deliver a CEX‑level trading experience together with the openness and transparency of DeFi.

What is Byreal? Bybit‑incubated decentralised exchange (DEX) – an introductory overview

Key Takeaways

Byreal is Bybit’s first on‑chain DEX, aiming to combine the speed of a centralised exchange with the openness of decentralisation.
The project runs on Solana and employs a dual‑router architecture (RFQ + CLMM) to provide low slippage and protection against MEV.

From an industry perspective we dissect Byreal’s design philosophy and implementation roadmap, helping you understand how it balances CEX‑grade performance with DeFi‑style decentralisation on Solana. The remainder of the article delves deeper into its core mechanisms and user experience, so keep reading.

Hybrid Finance: Merging DEX Speed with CEX Liquidity flowchart

What Is Byreal?

Byreal, built by Bybit, is a completely on‑chain decentralised exchange operating on the Solana blockchain. It transfers the liquidity and transaction speed that Bybit has amassed in its centralised business onto the chain, while preserving the trust‑less nature of DeFi. This lets users execute fast trades without ever handing over custody of their assets.

*Source: Ben Zhou (@benbybit on X)*

After trimming resources from early‑stage Web3 projects such as NFT marketplaces and cloud wallets, Bybit refocused its strategy on sustainable, long‑term growth. Byreal is the flagship component of that strategy. As Bybit CEO Ben Zhou explains, Byreal is more than a “regular DEX”—it is a true hybrid‑finance platform that offers a secure, fast, and fully on‑chain trading environment. Within just 30 days of launch, the platform’s average daily turnover exceeded US $50 million, propelling it into the top‑10 Solana ecosystem projects.

Byreal’s 2025 Milestones and Key Metrics

June 28 – Beta version officially launched.
June 30 – First IDO in partnership with Fragmetric; 5,505 participants subscribed for 49,587 bbSOL, oversubscribing by 22.5×.
July 15 – Registered wallet count surpassed 300,000.
August 21 – Seven weeks after launch, beta‑stage trading volume crossed US $100 million, ranking 7th in Solana TVL.
September 13 – TVL topped US $14.89 million, placing the protocol 12th among Solana DEXes.
November 25 – Cumulative trading volume exceeded US $821 million.

Byreal beta trading volume and TVL line chart – 300 k wallets and US $1 billion in trades

*Source: DefiLlama*

DefiLlama‑displayed Byreal TVL curve – screenshot of Byreal DEX homepage

*Source: Byreal (@byreal_io on X)*

Core Products and Features

Byreal DEX serves as the platform’s foundational infrastructure. It uses intelligent routing to aggregate both on‑chain and off‑chain liquidity, delivering flexible and efficient trade paths for users.

Internal CLMM (Concentrated Liquidity Market Maker)

Capital is concentrated within a specified price band, boosting capital efficiency and reducing slippage.
Custom fee tiers are supported, giving liquidity providers (LPs) a variety of yield options.

External Liquidity Aggregation

Deep integration with leading Solana DEXes such as Raydium, Orca, and Meteora.
Guarantees ample liquidity both inside and outside the Solana ecosystem, ensuring optimal execution prices.

Internal RFQ (Off‑chain Request‑for‑Quote)

Direct connection to market makers and centralised exchange order books.
Enables zero‑slippage, real‑time pricing and highly certain trade outcomes.

Real Farmer: A New Social‑Mining Model

Real Farmer is Byreal’s community‑driven liquidity incentive system. Participants can earn from the liquidity they provide and capture additional rewards when other members of the network follow their strategies.

Creator Earnings (the “real farmer”)

A 5 % referral fee is levied on earnings generated by followers, potentially boosting the creator’s yield by up to 10 %.

Follower Earnings

By copying a high‑quality strategy, a follower can earn an extra up to 5 % on their own position.
When others copy *your* position, you automatically become a “real farm owner” and receive 2.5 % of the LP fees generated by those followers.

Real Farmer turns every participant into a potential brand promoter: the larger the follower base, the higher the incremental earnings.

*Source: Byreal*

Reset Launch: Innovative Tiered Fund‑raising Platform

Reset Launch is Byreal’s first tiered‑pricing IDO mechanism. Unlike traditional single‑price token sales, participants can choose from multiple price tiers, allowing more nuanced risk‑return management.

Layered Purchases – Investors are no longer locked into a fixed price; they can select the valuation band that best matches their outlook.
Multi‑Strategy Bidding – The same project can receive bids across several tiers simultaneously, enabling capital to be allocated across layers.
Elimination of Front‑Running – Within each tier, allocations are distributed proportionally to contributions, mitigating the impact of bots that aim to “snatch” orders.

First Reset Case Study: Fragmetric

The entire tiered funding process completed in 3 minutes.
Subscription oversubscription reached 22×, raising roughly 50,000 bbSOL.
Participation conversion exceeded 30 % across more than ten active Solana communities.
Average contribution per address was 9.5 bbSOL (capped at 10 bbSOL).
Every refund exceeded US $500.

Byreal fundraising bar chart showing subscription multiple and raised amount

Real‑World Asset (RWA) Deployment

Byreal places a strong emphasis on tokenising real‑world assets on‑chain and has built what it claims to be an industry‑leading liquidity infrastructure on Solana. Partnerships with projects such as xStocks and XAUt0 enable a diverse suite of RWA pools, supporting pairs like SOL‑bbSOL, USDC‑USDT, and more, while allowing users to earn yields directly on the blockchain.

Tokenised Equities: xStocks

Currently hosts 13 tokenised‑stock liquidity pools (e.g., SPYx, TSLAx, NVDAx).
Periodic extra liquidity incentives are offered.
Users can purchase tokenised equities and benefit from the speed and composability of on‑chain trading.

Byreal tokenised‑stock liquidity pool display – SPYx, TSLAx, NVDAx and others

*Source: Byreal*

On‑Chain Gold: XAUt0

Collaboration with Tether to promote on‑chain gold.
Deep XAUt0‑USDT liquidity on Solana.
Annualised yields can reach 42.55 %.

Why Byreal Matters

In the evolution of digital finance, users increasingly demand self‑custody of assets while refusing to sacrifice transaction speed. Byreal bridges this gap by marrying the deep liquidity of a CEX with the trust‑less asset control of DeFi, delivering a fast, transparent, fully on‑chain trading experience.

The platform’s design satisfies institutional‑grade security standards while leveraging Solana’s high‑throughput capabilities, allowing both crypto assets and real‑world assets (e.g., equities, bonds) to be traded on‑chain with a user experience comparable to traditional finance. Consequently, Byreal is poised to become an indispensable component of the digital finance ecosystem, helping to tighten the integration between legacy capital markets and the blockchain world.

Byreal is not merely a DEX; it is a showcase of CEX‑DeFi convergence. Whether you are an individual trader or an institutional participant, you can experience a rapid, transparent, and fully on‑chain trading paradigm here.

*This article concludes here. For deeper analysis of Byreal, you may search the archives of Bitaigen (比特根) or continue reading the recommended related content below. Thank you for following and supporting Bitaigen!*

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