A major shift that could reshape the landscape of crypto trading is taking place. Large centralized exchanges— CEXes —that inhabit the crypto bro universe are lurching toward something resembling responsible behavior. They’re looking to on-chain ecosystems for clues about how to build a trading environment that resembles their current user experience but without the unfathomable risk to users that accompanies their current business model. Bybit is leading this charge; the company is launching an apparent DEX, Byreal, built on Solana, with a go-live date set for later this month. Coinbase and Binance have already entered DeFi territory, and the “CEX-on-chain” era has officially begun. These new platforms are trying to bridge the gap between the convenience of centralized exchanges and the innovation of decentralized finance while maintaining trust, accessibility, and performance. Bybit’s Byreal: CEX Speed, DeFi Infrastructure Bybit’s forthcoming DEX, Byreal, represents its first product fully operating on-chain and highlights its dedication to the developing DeFi ecosystem. Byreal is constructed on Solana’s rapid, low-cost infrastructure, and uses a combination of a Request for Quote (RFQ) model and a Concentrated Liquidity Market Maker (CLMM) to offer the sort of tight spreads and fast execution our users have come to expect from a centralized exchange. Byreal is more than a DEX. It is designed to proffer institutional-grade features within the decentralized framework. The key elements are: Combining RFQ and CLMM hybrid routing allows us to ensure price efficiency and minimize slippage, especially during high-volume trades. We are designing fair-launch vaults with built-in yield layers, targeting them to attract sticky liquidity from day one. These vaults will create incentives for long-term capital engagement. Our aim, in this case, is to avoid mercenary farming. Bybit is now among the players in the on-chain space with its new product, Byreal. This is part of a larger trend among centralized exchanges, which are looking to reinvent themselves in the current climate, to meet traders on decentralized platforms. Coinbase and Binance: Building Trusted, On-Chain Access Bybit is not running this race alone. Coinbase and Binance have both started programs that confuse the distinction between centralized and decentralized finance—each in its own not-so-typical fashion. The on-chain solution from Coinbase works thanks to Base, the Layer-2 network over Ethereum that the exchange built. With its app now effectively enabling DEX trading, Coinbase is offering a way to wrap DeFi liquidity in KYC-compliant layers. To list the key advantages: Continuous direction to every DeFi token inside the application Compliant and translucent, like the best institutional apps A mixed interface that merges the familiar trust of TradFi with the desired agility of DeFi Meanwhile, Binance is making a big bet on early-stage discovery with its Binance Alpha platform. Alpha serves as a curated sandbox where users can interact with experimental tokens from Ethereum, BSC, Solana, Sui, and more—all without leaving the Binance app. Some of these tokens may graduate to a full Binance listing, giving users early access and Binance a built-in product vetting funnel. This methodical way of handling DeFi tokens lets Binance combine user-friendly guidance with a decentralized decision-making structure, fostering innovation without sacrificing safety. Why “CEX-on-Chain” is the Next Crypto Battleground What is propelling this strategic shift from centralized players to on-chain operations? Several crucial factors: Capital is flowing on-chain: Protocols like @HyperliquidX are experiencing huge growth in user volumes and TVL (Total Value Locked), showing that DeFi is now too big to be ignored. Token price discovery happens on-chain: Whether we’re talking about memecoins, AI tokens, or something else, the real action happens on DEXes, where the earliest price momentum is found. Builders want decentralized rails: Any protocol or application that wants to achieve sustainable growth must be on-display and liquid on-chain. Users want trust + access: CEXes solve for both by providing a trust-preserving environment within which to use DeFi; the fact that they’re busy doing this makes CEXes part of the decentralized future. CEXes are finally taking note and going permissionless: @coinbase , @binance , and @Bybit_Official just kicked off a “CEX-on-chain” market grab: • Coinbase: DEX trading + Verified pools • Binance: Binance Alpha (curated + sandboxed tokens) • Bybit: Byreal RFQ+CLMM – – – – – 1.… pic.twitter.com/ECeQHjfZQj — Ash (@ahboyash) June 15, 2025 This wave of hybrid solutions symbolizes a new theory: Internet Capital Markets—open, global, and permissionless financial marketplaces where capital flows directly to creators, builders, and ideas. Instead of fighting against DeFi’s momentum, big exchanges are transforming themselves into portals for the next stage of blockchain adoption. Their recent on-chain moves leave one wondering if we are headed for a future in which centralized reputation and decentralized infrastructure coexist—ushering in a more inclusive and interconnected crypto economy. When Byreal finally launches, everyone will be watching to see how its hybrid models stack up and whether “CEX-on-chain” will become the new industry standard. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
