Original | Odaily Daily Report (@OdailyChina)
Author｜Wenser（**@wenser 2010 ）
After Hyperliquid, who can take up the banner of on-chain DEX? Byreal, incubated by Bybit, may bring new variables to this track. Previously, the number of registered addresses for the public test version of Byreal exceeded 100,000 in less than 3 days, and the first phase of the Fragmetric Reset Launch was over-subscribed by 22.5 times, indicating the market’s enthusiasm. Odaily will briefly analyze Byreal’s platform-related advantages and subsequent potential development directions in this article.
When CEX Sets Its Sights on DEX: Byreal Entrusts Bybit’s On-Chain Ambitions
As the main lines of the market become increasingly clear, the optional paths available for cryptocurrency platforms and projects are gradually narrowing down to two routes:
One route is the off-chain mainstream compliance path, including platforms like Circle and Kraken opting for IPOs, traditional financial institutions pushing various ETFs through, and the tokenization of US stocks by Robinhood;
Another path is the on-chain decentralized route, including various token launch platforms such as pump.fun, on-chain DEXs like Hyperliquid, and various new liquidity platforms such as Binance Alpha and OKX Wallet, as well as traffic entry points.
As a rapidly growing CEX in recent years, Bybit is also not to be outdone and has launched its own initiatives. In addition to collaborating with the xStocks platform to open up tokenized trading of U.S. stocks and launching Bybit Pay U Card, it has also set its sights on the DEX market, with Byreal being its latest attempt to achieve an on-chain transformation.
Byreal: A rising star in on-chain DEX
In mid-June, Bybit CEO Ben Zhou posted on platform X stating: "The first on-chain DEX incubated by Bybit, Byreal, will launch at the end of this month. Born from scratch in the Solana ecosystem. What makes it special is:
- 1/ CEX + DEX Collaboration. Byreal is not just “another DEX.” It combines CEX-level liquidity with DeFi’s native transparency. This is true hybrid finance. More CEX + DEX projects are set to launch in the future.
- 2/Unified liquidity and speed using RFQ (Request for Quote) + CLMM (Concentrated Liquidity Market Making) routing design. Byreal will provide users with low slippage and MEV protection for swap exchange transactions at an extraordinary speed.
After Binance connected the liquidity between its main site and the Alpha platform, and OKX staked OKX Wallet, many CEXs, including Bybit, also chose the route of “CEX + DEX” collaborative development. Odaily mentioned this in the article “OKX Suspends DEX Aggregator Trading Services, Is CEX Facing a Turning Point in the DEX War?” published in March.
In short, Byreal focuses on: 1. Stimulating the trading enthusiasm of CEX liquidity funds; 2. Providing better trading services based on the Solana ecosystem.
Byreal IDO new model: Reset Launch
After the beta version of Byreal was launched, the platform quickly introduced an IDO model different from other DEXs: Reset Launch, with the first project being the Solana ecosystem re-staking protocol Fragmetric.
Previously, Fragmetric had raised $7 million in seed funding and $5 million in strategic financing, with a total funding amount reaching $12 million. It had the participation of notable investors such as Solana founder Anatoly Yakovenko and Solana Foundation chair Lily Liu, making it a “parent project of the Solana ecosystem.” This significantly increased market participation enthusiasm for the project. Ultimately, at the end of the first phase Reset Launch project Fragmetric IDO, it raised 49587.8 bbSOL, worth over $8.18 million, far exceeding the target of 2199.0112 bbSOL, with oversubscription reaching 22.5 times and the lowest price tier being oversubscribed by 4406.96%.
Odaily Daily Report author Golem also participated in this IDO, with an investment of about 0.45 SOL (approximately 68 USD). The final profit from FRAG tokens was around 200 USD, with a return rate of about 300%. There is no doubt that this fixed-price tiered fundraising model is more beneficial for small users to participate, and asset types such as Revive Vault and bbSOL also provide users with the possibility of additional earnings to some extent. For the official introduction of this model, see here.
In contrast, the token listing auction model adopted by Hyperliquid is relatively more open and transparent, but it focuses more on the “supply side” of the project rather than the “demand side” from the users.
User Count PK: Hyperliquid’s user count is about 2 times that of Byreal.
As of the time of writing, the Byreal official website shows that its number of public test users is around 278,000; in contrast, according to Dune data, Hyperliquid has approximately 527,000 users. It must be said that Bybit, with its millions of users, gives Byreal a unique advantage in user accumulation.
Byreal official website information
The Future of Byreal: IDO Wealth Creation Effect, Bybit Listing Closed Loop, Token Issuance Expectations
In summary, whether Byreal can successfully break through on the DEX level mainly depends on three aspects:
Firstly, whether the wealth effect of its subsequent IDO projects can continue. Although the FRAG token IDO previously generated some profit, the final token price performance still fell short of market expectations. Fragmetric co-founder Daniel also apologized to the community for issues such as delayed communication, highlighting that the development of projects after the IDO also affects the market’s attention and participation in Byreal to a certain extent.
Secondly, whether Bybit can break through the closed loop of listing coins. Just as Binance Alpha points have connected the liquidity and ecological closed loop between the main Binance site and the Alpha sector, Bybit, if it wants to connect on-chain ecology with the interaction of funds in the exchange through Byreal, still needs to make efforts in guiding popular tokens to be listed and in high-frequency trading incentives for Byreal.
Thirdly, it is the token issuance expectations of Byreal. Although technically speaking, Byreal is a subordinate product of Bybit and must still comply with certain exchange regulatory requirements, the expectations for token issuance remain one of the important reasons for countless users to engage and use Byreal. This is pending further updates from Bybit and Byreal.
According to Dune data**, in the past 3 months, Hyperliquid’s market share in the Perp market has reached around 60%, making it the undisputed leader among on-chain Perp platforms. For newcomers to threaten its survival position, in addition to the accumulation of time, innovations in platform mechanisms and other aspects are also required.**
Overview of Perp Market Share
It is worth noting that Byreal recently reached a strategic cooperation with the compliant tokenized securities platform xStocks, providing users with a trading channel for on-chain U.S. stock assets (such as tokenized stocks of Tesla, Apple, etc.). Compared to the on-chain native derivatives and DeFi contract ecosystem focused on by Hyperliquid, this move significantly expands the boundaries of user asset allocation—from a single cryptocurrency to traditional financial assets, creating a differentiated competitive barrier.
The Byreal mainnet is scheduled to officially launch in the third quarter of 2025. Whether it can secure a place in the highly competitive DEX market and pose a substantial challenge to the market share of Hyperliquid in perpetual contracts will become the focus of the next stage.
