币界网报道：Background information: Solana's memecoin season is mainly conducted on decentralized exchanges (DEX) such as Raydium and Jupiter. Centralized exchanges usually list tokens after they become popular, with decentralized liquidity and uneven token quality. Recently, the centralized exchange Bybit announced the launch of a new hybrid DEX based on Solana, Byreal, which is scheduled to be launched on the testnet on June 30 and the mainnet in the third quarter. Main events: Byreal adopts a hybrid model that combines centralized liquidity and decentralized execution, uses request for quotation (RFQ) and centralized liquidity market maker (CLMM) mechanisms, integrates MEV protection, and unifies liquidity sources. Byreal also launched the Revive Vault income product and the Reset Launch token issuance platform, aiming to achieve a fairer token distribution. Potential impact: Although there are multiple DEXs in the market, Bybit believes that Solana lacks a trading platform that combines deep liquidity, fair price discovery, and a simplified user experience. Byreal aims to balance the execution efficiency of centralized exchanges, the transparency and user experience of DeFi, and unify liquidity. If it can be launched quickly and attract high-quality projects, it may lead the transformation of centralized exchanges to decentralized finance.