Product Keynote: Byreal (Emily Bao)

In a landmark moment at Breakpoint 2025, Bybit's Emily Bao revealed that Byreal—the exchange's Solana-native decentralized exchange—has crossed $1 billion in total trading volume just 10 weeks after public launch. The announcement signals a dramatic shift in how major centralized exchanges are approaching the Solana ecosystem and the broader convergence of traditional and decentralized finance.

Summary

Emily Bao, Head of Support at Bybit and founder of Byreal, took the stage to detail how Bybit is fundamentally rethinking the relationship between centralized exchanges (CeFi) and decentralized finance (DeFi). Rather than treating them as parallel worlds that never intersect, Bybit is actively building infrastructure to merge these ecosystems, with Solana as the foundation.

The journey began in December 2023 when Bao initiated Solana collaboration within Bybit, leading to the launch of BB SOL—the first centralized exchange-backed liquid staking token on Solana, created in partnership with Sanctum. This was followed by Byreal's beta launch in June 2025, coinciding with the XAU (gold) tokens launching on Solana. The platform went fully public in September and has since dominated trading volume for tokenized gold on Solana according to DefiLlama and Birdeye data.

What makes Byreal unique is its integration with Bybit's broader infrastructure. The platform enables what Bao calls "full house launches"—where tokens debut simultaneously on Byreal (decentralized), Bybit Alpha, and Bybit Spot. This approach, piloted with World Liberty Fi and followed by Double Zero, Mall Night, Meteorite, and Humidified tokens, unlocks superior liquidity and trading volume by connecting on-chain and off-chain markets.

The convergence thesis extends to institutional players as well. BB SOL has gained custody support from Anchorage Digital, marking a significant milestone in institutional comfort with holding Solana-native, centralized-exchange-backed assets on-chain.

Key Points:

The Death of the Wallet Wall

One of Bybit's most significant strategic decisions came in August 2025 when the company deleted its Web3 wallet entirely. Rather than maintaining separate interfaces for centralized and decentralized trading, Bybit unified everything under a single trading account. Users can now trade on-chain SPL tokens seamlessly using their unified account, paying not just with USDT or USDC, but also with SOL and BB SOL. This dramatic move eliminates friction for users who want to access DeFi protocols without leaving their familiar centralized exchange environment.

The decision reflects a deeper philosophical shift: Bybit believes that forcing users to choose between CeFi and DeFi creates unnecessary barriers. By unifying the experience, they're betting that the next billion transactions in crypto will come from convergence rather than fragmentation.

Real Yield and the "Secret Sauce"

Bao revealed Byreal's competitive advantage in liquidity provision. When tokens launch through the "full house" model, liquidity providers on Byreal consistently earn higher yields compared to other platforms. The reason? Byreal aggregates orders not just from the decentralized exchange itself, but also from Bybit Alpha.

This hybrid order flow means LPs access trading activity from both on-chain and off-chain sources, generating more fee revenue without additional complexity. Users can earn on-chain yields from Solana-native liquidity while never leaving their familiar centralized exchange environment.

Real Farmer: Democratizing Liquidity Provision

In November 2025, Byreal introduced "Real Farmer," a feature that functions like copy-trading but for liquidity provision. The tool allows everyday users to provide liquidity on-chain like professional market makers, copying the strategies of successful LPs. This innovation addresses one of DeFi's persistent challenges: the complexity and risk involved in becoming a liquidity provider.

By lowering the barrier to entry, Real Farmer aims to dramatically boost on-chain liquidity while allowing passive participants to benefit from professional-grade strategies. The feature exemplifies Bybit's approach of using centralized exchange infrastructure and expertise to amplify DeFi participation.

Tokenized Real-World Assets and Institutional Adoption

Byreal has carved out dominance in the tokenized gold market on Solana, with the highest trading volume and liquidity for XAU trading according to major analytics platforms. This focus on real-world assets represents a strategic bet that the convergence of traditional finance, crypto, and DeFi will accelerate.

The institutional angle is equally important. BB SOL's custody support from Anchorage Digital—a federally chartered digital asset bank—signals that major financial institutions are becoming comfortable with Solana-native, CeFi-backed liquid staking tokens. This isn't just retail-driven convergence; institutions are actively participating in bridging these worlds.

The Full House Launch Model

Byreal pioneered what Bao calls "full house launches" for token debuts. Projects like World Liberty Fi debut simultaneously on Byreal (decentralized), Bybit Alpha, and Bybit Spot. This coordinated approach validates on-chain liquidity through DeFi while immediately scaling distribution through CeFi.

The model represents a new paradigm for token launches where internet capital markets begin on Solana, get validated through decentralized mechanisms, and then scale through centralized exchange infrastructure. It's a deliberate strategy to prove that these systems can work together rather than in competition.

Facts + Figures

• Byreal hit $1 billion in total trading volume just 10 weeks after public launch, achieved two days before the Breakpoint presentation

• BB SOL was the first centralized exchange-backed liquid staking token on Solana, launched in partnership with Sanctum

• Bybit deleted its Web3 wallet in August 2025 to create a unified trading experience

• Byreal dominates tokenized gold (XAU) trading volume on Solana according to DefiLlama and Birdeye data

• BB SOL received institutional custody support from Anchorage Digital

• Five projects have completed "full house launches": World Liberty Fi, Double Zero, Mall Night, Meteorite, and Humidified tokens

• The Real Farmer feature, enabling copy-trading for liquidity provision, launched in November 2025

• Bybit launched traditional finance products (forex, gold, stock CFDs) in mid-June 2025

• XAU tokens launched on Solana on June 30, 2025, the same day Byreal beta went live

• Emily Bao initiated Solana collaboration within Bybit in December 2023

Top Quotes

"For years, we've been told and we thought and we're treating like TradFi, CeFi and DeFi are parallel lines. They will never meet. But if you look at this year in 2025... a lot of products shift."

"We are proving that internet capital markets start on-chain on Solana, validated by DeFi, the likes like Byreal, and further scaled by CeFi, CX, like Bybit."

"We decided to delete the Bybit old web3 wallet because we thought all the users on Bybit, even when they want to trade DEX or get access to the DeFi protocols, they should enjoy the same experience."

"We are not just extracting the value from the ecosystem. Actually, by this convergence, as a centralized exchange, we are using our infrastructure, our liquidity, our user base to further amplify what is just started on-chain."

"If we still build products just for the crypto natives or just for the institutions, then we are building a world that no longer exists."

"We believe the next billion transactions will be fueled by convergence and also we think the next trillion transactions will come on-chain, hyping on DeFi, and then powered by TradFi."

"We always say everything moves fast in crypto. But I learned one thing building Byreal: everything is faster on Solana."

Questions Answered

What is Byreal and how does it differ from other decentralized exchanges?

Byreal is a Solana-native decentralized exchange built by Bybit, one of the world's largest cryptocurrency exchanges. Unlike standalone DEXs, Byreal is deeply integrated with Bybit's centralized infrastructure, allowing it to aggregate order flow from both on-chain and off-chain sources. This hybrid model means liquidity providers earn higher yields because they capture trading fees from Bybit Alpha in addition to DEX activity. Users can trade using their unified Bybit trading account without needing a separate Web3 wallet, creating a seamless experience that bridges centralized and decentralized worlds.

Why did Bybit delete its Web3 wallet?

Bybit made the strategic decision to remove its Web3 wallet in August 2025 to eliminate the friction between centralized and decentralized trading. Rather than maintaining separate systems, Bybit unified everything under a single trading account. This allows users to trade on-chain SPL tokens, access DeFi protocols, and manage their positions using the same familiar interface they use for other Bybit products. Users can pay with SOL and BB SOL in addition to stablecoins, making the transition to on-chain activity virtually seamless.

What is a "full house launch" and why does it matter for token projects?

A full house launch is Byreal's coordinated approach where new tokens debut simultaneously on Byreal (decentralized), Bybit Alpha, and Bybit Spot. This strategy maximizes liquidity and exposure from day one by connecting on-chain and off-chain markets. Projects benefit from DeFi validation while immediately accessing Bybit's massive user base. World Liberty Fi was the first project to use this model, followed by Double Zero, Mall Night, Meteorite, and Humidified tokens. The approach proves that on-chain launches can be the starting point for broader market adoption.

How does the Real Farmer feature work?

Real Farmer is a copy-trading feature for liquidity provision launched in November 2025. Similar to how copy-trading allows users to mirror successful traders' positions, Real Farmer enables users to replicate the liquidity provision strategies of professional LPs. This democratizes access to on-chain yield opportunities that were previously available only to sophisticated users who understood the complexities of managing LP positions. By lowering the barrier to entry, the feature aims to significantly boost DeFi liquidity while allowing passive participants to benefit from professional expertise.

Why is institutional custody support for BB SOL significant?

BB SOL receiving custody support from Anchorage Digital—a federally chartered digital asset bank—represents a major milestone for the convergence of CeFi and DeFi. It signals that institutional investors are becoming comfortable holding Solana-native, centralized-exchange-backed liquid staking tokens. This isn't just about retail adoption; major financial institutions are actively participating in this new paradigm. The custody support validates the security and legitimacy of these hybrid assets and could accelerate institutional capital flows into the Solana DeFi ecosystem.

What assets can users trade on Byreal?

Byreal focuses on tokenized real-world assets and hero project tokens. The platform has become dominant in tokenized gold (XAU) trading on Solana, offering the best liquidity and volume according to analytics platforms like DefiLlama and Birdeye. Additionally, users can trade tokens from major projects that launch through the full house model. The platform supports trading with USDT, USDC, SOL, and BB SOL, giving users flexibility in how they access these markets while remaining within the Solana ecosystem.