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Bybit has just announced the development of its first decentralized exchange, Byreal, powered by the Solana blockchain. According to recent reports, the brand-new trading platform promises to deliver CEX-grade speed while remaining fully decentralized and transparent.
As outlined in their official press release, the mainnet launch is scheduled for Q3, following an expected testnet debut on June 30th. This significant move marks a crucial step forward for Bybit as they look to expand into decentralized finance (DeFi) infrastructure, aligning with the broader market trend favoring increased transparency and decentralization.
The recently announced platform, dubbed Byreal, will reportedly incorporate features such as Request For Quote (RFQ) and Concentrated Liquidity Market Maker (CLMM) routing. These innovations are designed to provide users with lower slippage while ensuring more transparent trade execution – a common characteristic often linked to higher-frequency trading strategies employed on centralized exchanges.
In addition to the standard trading functionalities, Byreal is expected to support distinct DeFi offerings like curated token launchpads and yield-generating vaults. This diversified suite of services places Byreal in a position to compete not only with decentralized exchanges such as Raydium or Orca but also with token launch platforms built upon Ethereum and BNB Chain.
Solana Foundation President Lily Liu has publicly expressed her enthusiasm for the collaboration, emphasizing that a combination of liquidity from centralized exchanges and global accessibility offered by DEXs would ultimately contribute towards the goal of an open financial market on the internet.
Source: bitcoinist.com
