Original｜Odaily Planet Daily (@OdailyChina)
After Hyperliquid, who can carry the banner of on-chain DEX? Byreal, incubated by Bybit, may bring new variables to this track. Previously, the number of registered users for Byreal's public beta version exceeded 100,000 in less than 3 days, and the first phase of the Fragmetric Reset Launch was oversubscribed by 22.5 times, indicating significant market enthusiasm. Odaily Planet Daily will briefly analyze Byreal's platform-related advantages and potential future development directions in this article.
When CEXs set their sights on DEXs: Byreal embodies Bybit's on-chain ambitions
In the current market where the main line is becoming increasingly clear, the optional paths for cryptocurrency platforms and projects are gradually narrowing down to two routes:
One is the off-chain mainstream compliance route, where platforms like Circle and Kraken choose IPOs, traditional financial institutions promote various ETFs, and Robinhood tokenizes U.S. stocks;
The other is the on-chain decentralization route, including various token launch platforms like pump.fun, on-chain DEXs like Hyperliquid, and new liquidity platforms and traffic entrances like Binance Alpha and OKX Wallet.
As a rapidly growing CEX in recent years, Bybit is also making its own moves. In addition to collaborating with the xStocks platform to open U.S. stock tokenization trading and launching Bybit Pay U cards, it has also turned its attention to the DEX market, with Byreal being its latest attempt at on-chain transformation.
Byreal: The Rising Star of On-Chain DEX
In mid-June, Bybit CEO Ben Zhou announced on X platform that: "The first on-chain DEX incubated by Bybit, Byreal, will launch at the end of this month. Born from scratch within the Solana ecosystem. What makes it special:
1/ CEX + DEX synergy. 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 will be launched 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, MEV-protected swap trading at extraordinary speeds.”
After Binance integrated liquidity between its main site and the Alpha platform, many CEXs, including Bybit, have also chosen the "CEX + DEX" collaborative development route. Odaily mentioned in a March article titled “OKX Suspends DEX Aggregator Trading Services, Is CEX's Battle with DEX at a Turning Point?”.
In short, Byreal's focus is on: 1. Mobilizing CEX liquidity for trading; 2. Providing better trading services based on the Solana ecosystem.
Byreal's New IDO Model: Reset Launch
After the launch of Byreal's beta version, the platform quickly introduced a different IDO model from other DEXs: Reset Launch, with the first project being the Solana ecosystem's re-staking protocol Fragmetric.
Previously, Fragmetric had secured $7 million in seed funding and $5 million in strategic round financing, totaling $12 million, and received investments from Solana founder Anatoly Yakovenko and Solana Foundation chair Lily Liu, making it a "child project of the Solana ecosystem." This significantly increased market participation enthusiasm for the project. Ultimately, Byreal's first Reset Launch project Fragmetric IDO ended up raising 49,587.8 bbSOL, worth over $8.18 million, far exceeding the target of 2,199.0112 bbSOL, with an oversubscription of 22.5 times and the lowest price tier oversubscribed by 4,406.96%.
Odaily Planet Daily author Golem also participated in this IDO, investing about 0.45 SOL (approximately $68), ultimately earning around $200 in profits from the FRAG token, with a return rate of about 300%. Undoubtedly, this fixed-price tiered fundraising model is more favorable for small users to participate, and asset types like Revive Vault and bbSOL also provide users with additional earning potential to some extent. For the official introduction of this model, see here.
In comparison, Hyperliquid's coin listing auction model is relatively more open and transparent but focuses more on the "supply side" of the project rather than the "demand side" from users.
User Count PK: Hyperliquid's user count is about twice that of Byreal
As of the time of writing, the Byreal official website shows that its public beta user count is around 278,000; in contrast, according to Dune data, Hyperliquid's user count is about 527,000. It must be said that with the backing of millions of users from Bybit, Byreal has a unique advantage in accumulating user numbers.
Byreal official website information
Byreal's Future: IDO Wealth Effect, Bybit Coin Listing Closed Loop, Token Issuance Expectations
In summary, whether Byreal can successfully break through at the DEX level mainly relies on three aspects:
First, whether the wealth effect of its subsequent IDO projects can continue. Although the FRAG token IDO had some profits, the final token price performance still fell short of market expectations. Fragmetric co-founder Daniel even apologized to the community for communication issues, indicating that the project's development after the IDO also affects market attention and participation in Byreal to some extent.
Second, whether Bybit can establish a closed loop for token listings. Just as Binance Alpha's points integrated liquidity and ecological closed loops between Binance's main site and the Alpha section, Bybit needs to make efforts in guiding popular tokens for listing and incentivizing high-frequency trading on Byreal to achieve interaction between on-chain ecology and exchange funds.
Third, the expectations for Byreal's token issuance. Although Byreal is technically a subsidiary product of Bybit and must comply with certain exchange regulations, the expectation of token issuance remains one of the important reasons for countless users to participate and interact with Byreal, which awaits further news from Bybit and Byreal.
According to Dune data, in the past three months, Hyperliquid has maintained a market share of about 60% in the Perp market, making it the undisputed leader among on-chain Perp platforms. For later entrants to threaten its survival position, innovation in platform mechanisms and the accumulation of time are both necessary.
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 trading channels for on-chain U.S. stock assets (such as tokenized stocks of Tesla, Apple, etc.). Compared to Hyperliquid's focus on on-chain native derivatives and DeFi contract ecology, this move significantly broadens the boundaries of user asset allocation—from a single cryptocurrency to traditional financial assets, forming a differentiated competitive barrier.
Byreal's mainnet is scheduled to officially launch in the third quarter of 2025. Whether it can secure a place in the fiercely competitive DEX market and pose a substantial challenge to Hyperliquid's dominance in the perpetual contract market will be the focus of the next stage.
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