Background Information: The memecoin season on Solana mainly takes place on decentralized exchanges (DEXs) such as Raydium and Jupiter, while centralized exchanges typically list tokens only after they become popular, resulting in dispersed liquidity and varying token quality. Recently, the centralized exchange Bybit announced the launch of a new hybrid DEX based on Solana—Byreal, which is scheduled to go live on the testnet on June 30 and the mainnet in the third quarter.

Key Events: Byreal adopts a hybrid model that combines centralized liquidity with decentralized execution, utilizing Request for Quotation (RFQ) and Centralized Liquidity Market Maker (CLMM) mechanisms, integrating MEV protection, and unifying liquidity sources. Byreal also launched the Revive Vault yield product and the Reset Launch token issuance platform, aiming for a fairer token distribution.

Potential Impact: Despite the existence of multiple DEXs in the market, Bybit believes that Solana lacks a trading platform that can combine deep liquidity, fair price discovery, and a simplified user experience. Byreal aims to balance the execution efficiency of centralized exchanges, the transparency of DeFi, and user experience, unifying liquidity. If it can launch quickly and attract quality projects, it may lead centralized exchanges towards a transformation into decentralized finance.