Crypto news

Bybit Unleashes Solana-Based Monster

BBG News

Ah, the wondrous world of cryptocurrency, where fortunes are made and lost with a mere whisper in the digital wind. And now, Bybit CEO Ben Zhou has declared that the exchange’s first incubated on-chain liquidity network, Byreal, shall rise from the depths of code and make its debut at the end of June 2025 🚀.

In a recent post, Zhou announced to his followers that the exchange is gearing up to release its first on-chain liquidity DEX, built upon the Solana (SOL) ecosystem. Because, why not? The official announcement proclaimed that the on-chain DEX shall go live by the end of this month. Hurrah! 🎉

“Announcing Byreal — our first on-chain DEX incubated by BB, will be LIVE by end of the month. Starting from scratch and now born on Solana,” said Zhou in his post, no doubt accompanied by a triumphant flourish of his digital pen 🖋️.

Announcing Byreal — our first onchain DEX incubated by Bybit, will be LIVE by end of the month. Starting from scratch and now born on Solana. what’s special: 1/ CEX + DEX synergy Byreal isn’t “just another DEX.” It’s combining CEX-grade liquidity with DeFi-native transparency.…

— Ben Zhou (@benbybit) June 15, 2025

Zhou highlighted several elements of the new liquidity network that he believes sets it apart from other DEXs on-chain. Because, let’s be honest, who needs another DEX? 😴 The first is how it bridges the gap between CEX and DEX by deploying centralized liquidity mechanism on the protocol while boasting what it calls “DeFi-native transparency.” Ah, the sweet taste of innovation! 🍰

“This is what real hybrid finance looks like. Future Cex + Dex project launch coming soon,” said Zhou, no doubt with a sly smile 😏. He seems to be hinting at an upcoming product or feature from the exchange — possibly integrated with Byreal — that will further integrate centralized and decentralized trading. The plot thickens! 📚

Based on the main post, traders can look forward to Byreal’s beta testing phase which is set to take place within the month. Because who doesn’t love a good beta test? 🤔

Another point that the Bybit CEO emphasized is how the platform facilitates unified liquidity alongside processing speed. He explained that the protocol’s liquidity mechanism is built upon a hybrid of RFQ and CLMM. Ah, the wonders of acronym-filled magic! ✨

Request for Quote or RFQ is a liquidity mechanism that is usually used in OTC or pro-grade trading. RFQ allows market makers to quote prices dynamically, leading to more efficient execution for larger orders. Meanwhile, Concentrated Liquidity Market Maker or CLMM is a mechanism that was made popular through protocols like Uniswap version 3. CLMM lets liquidity providers concentrate capital within specific price ranges, making liquidity deeper in areas that need it most. By combining the two mechanisms, Byreal may able to route trades based on optimal pricing with dynamic quote pricing. Zhou also stated that the protocol offers its users “low-slippage, MEV-protected swaps at serious speed.” Speed, the ultimate virtue in the digital age! 🏎️

But, alas, not all is sunshine and rainbows in the world of Bybit. Earlier this year, the exchange became the victim of one of the largest crypto heists in history, when a group of hackers stole $1.4 billion in Ethereum (ETH) from the exchange’s reserves. At the end of May, on-chain data showed that at least half of the stolen funds have become untraceable. Ah, the joys of cryptocurrency — where fortunes can be made and lost in the blink of an eye! 😱

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2025-06-16 10:41

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