To seize the initiative in the on-chain market, centralized exchanges (CEXs) must accelerate their strategic layouts to prevent further erosion of market share by decentralized exchanges (DEXs).
Author: ChandlerZ, Foresight News
Recently, Ben Zhou, CEO of Bybit, announced on platform X: "Byreal, the first DEX incubated by Bybit, will launch by the end of this month. Built from scratch on the Solana ecosystem."
Key Features of Byreal:
- CEX + DEX Synergy
Byreal isn’t just "another DEX." It merges CEX-level liquidity with DeFi-native transparency, pioneering hybrid finance. More CEX-DEX collaborations are expected soon. - Unified Liquidity & Speed
Utilizing RFQ + CLMM routing, Byreal offers MEV-protected swaps with low slippage and ultra-fast execution.
Byreal’s testnet launches on June 30, with mainnet planned for Q3 2025.
Bybit isn’t the first CEX venturing into DEXs. As DEXs grow, their rising liquidity and user activity narrow the gap with CEXs.
Rising DEX Market Share: Solana Emerges as a Top Choice
Per DeFiLlama, DEX trading volume shows steady growth. In May 2024, monthly DEX volume hit $405.3B (~25% of global spot trades), a record high, while TVL surpassed $20B.
Blockchain Distribution:
- Ethereum remains dominant.
- Solana ranks second with ~$3.3B TVL, half held by Raydium.
Bybit chose Solana for Byreal due to its explosive growth. In 2024, Solana’s Meme token trading and launchpads (e.g., Pump.fun) boosted DEXs as primary token listing channels. Assets like WIF, BOME, and BONK first gained liquidity on Solana DEXs (Raydium, Jupiter) before CEX listings.
Solana’s Metrics:
- Daily transactions: ~80M (300B+ cumulative).
- Daily active addresses: ~4M (peaking at 9.4M).
For CEXs expanding on-chain, Solana offers a high-performance environment with robust liquidity.
The CEX-DEX Battle Heats Up
Users prioritize familiarity and UX, driving top CEXs to launch DEX products:
- Binance: PancakeSwap (BSC) leads DEX volume.
- OKX: OKX DEX.
- Coinbase: Aerodrome (Base) rapidly gains share.
CEXs leverage own chains or partnerships to aggregate liquidity, serving on/off-chain users. Innovations like dark pools, cross-chain aggregation, and hybrid pools enhance depth and efficiency.
Competitive Landscape:
CEXs still dominate in volume and users, but post-crisis trust shifts toward transparent, low-barrier DEXs, intensifying competition.
👉 Explore hybrid trading platforms
DEXs’ early adoption of trends (e.g., Meme coins) leaves some CEXs struggling. To retain market share, CEXs must expedite on-chain strategies.
FAQ
1. Why is Bybit launching a DEX?
Byreal combines CEX liquidity with DeFi transparency, addressing demand for hybrid finance.
2. What makes Solana ideal for Byreal?
Solana’s high throughput, growing ecosystem, and Meme token activity align with Byreal’s goals.
3. Will DEXs overtake CEXs?
Hashed CEO predicts DEX volume may surpass CEXs by 2028, given current trends.
4. How do CEXs compete with DEXs?
By integrating DEX features (e.g., OKX DEX) or building chains (e.g., Binance Smart Chain).
👉 Learn about CEX-DEX convergence
Conclusion
Simon Kim (Hashed CEO) forecasts DEXs may outpace CEXs by 2028. As CEXs invest in DEXs, this trajectory gains plausibility.
Future exchanges may blend centralized and decentralized models, with success hinging on stability, security, and user-centric innovation.
Disclaimer: This content isn’t investment advice. Conduct independent research before making decisions.