Bybit, one of the largest cryptocurrency exchanges in the world, today announced plans to launch Byreal, a new on-chain decentralized exchange (DEX). Incubated entirely by Bybit, Byreal is set to launch on the Solana blockchain before the end of June. The launch represents an important move in Bybit’s strategy. One of its major goals is real hybrid finance– an ecosystem that connects the best of both centralized and decentralized financial services.
Far from it — that’s what Bybit would like you to believe about Byreal, its newest DEX. The latest spotlight centers around Byreal’s CEX + DEX synergy. Bybit’s CEO, Ben Zhou, announced that Byreal’s platform would be operational by the end of June.
Byreal: A New Era of Hybrid Finance
Bybit promotes Byreal as featuring CEX + DEX synergy. Byreal was designed from the ground up on the Solana blockchain. It represents Bybit’s vision to uniting the best of Centralized Exchanges (CEXs) and the transparency, autonomy, and full custody of assets provided by Decentralized Exchanges (DEXs). This smart and cutting-edge solution helps provide users a more flexible, seamless, powerful and time-efficient trading experience.
The release of Byreal is a major step in Bybit’s advancement towards “real hybrid finance.” With Byreal, Bybit wants to connect centralized and decentralized finance together.
The company views Byreal as a critical piece of its overall strategy. The goal is to provide an end-to-end suite of financial services to all traditional and DeFi market participants. Bybit’s doing its best to stay ahead of the curve in the changing world of finance.
Strategic Shifts in Bybit's Web3 Ecosystem
To facilitate this shift, Bybit has taken moves to recalibrate its Web3 experience. In March 2023, the company abruptly terminated its Web3 Points loyalty program. Limitations of being unregulated Bybit has since removed many services, such as fiat-to-crypto on-ramp and initial DEX offering to address regulatory gaps.
Earlier in May 2024, Bybit discontinued several Web3 services, including Cloud Wallet, Keyless Wallet, NFT marketplace, DEX Pro, and Swap & Bridge functionalities. These decisions reflect a focused effort to streamline operations and concentrate on core strategic initiatives, such as the development and launch of Byreal.
Bybit is committed to creating the best possible ecosystem for its users. These high-level maneuvers and tactical moves effectively communicate that commitment, in-line with the company’s apparent long-term vision. Bybit is doubling down on where they can bring the greatest value and innovation, shifting their resources to fund new initiatives.
bbSOL Token and Collaborative Partnerships
In September 2024, Bybit released their bbSOL token. The bbSOL token is designed to be a bridge between Bybit’s centralized platform and the decentralized Web3 ecosystem. Bybit collaborated with Sanctum, Kamino Finance, Orca and Solayer to bring bbSOL token to market.
Introduction of bbSOL coincides with Bybit’s ongoing drive to promote more interoperability and accessibility across the broader Web3 ecosystem. These partnerships primarily focus on making bbSOL a more useful and widely adopted technology.
Bybit is collaborating with the leaders in the decentralized finance space. This strategic partnership further solidifies its leadership position as the airline industry’s visionary, collaborative disruptor. Through these initiatives, Bybit is establishing a more integrated and customer-friendly ecosystem for its users.
