Key Takeaways

• Strategic Differentiation: Binance offers retail - centric on - chain services to lower the barrier to entry for Web3. Bybit has launched a standalone platform, ByReal, to provide CEX - level liquidity on - chain. Coinbase, on the other hand, has adopted a dual - track model targeting both retail and institutional users.

• Why CEXs Are Moving On - Chain: With an increasing number of early - stage tokens being initially launched on decentralized exchanges (DEXs), centralized exchanges face listing delays due to regulatory scrutiny - resulting in a loss of trading volume and revenue. On - chain services allow them to participate in the early - stage token flow and retain users without formal listings.

• The Future of CeDeFi: The boundaries between platforms are blurring. Exchange tokens are evolving from fee - discount tools to core assets connecting the centralized and decentralized ecosystems. Some DeFi protocols may be absorbed into larger CEX - dominated networks, accelerating the formation of an integrated hybrid market.

1. The Irresistible Opportunity: CEXs Moving On - Chain Binance's recent move, Binance Alpha, has become the focus of the market. Operated by the Binance team, Alpha serves as a DeFi - based listing platform that enables retail users to access early - stage tokens faster than through traditional exchange channels. This significantly enhances the accessibility and participation of tokens, especially through mechanisms like Alpha Points that facilitate targeted airdrops to users.

However, this model is not without controversy. Several tokens listed on Alpha experienced a sharp drop in price shortly after launch, sparking debates about the structure and intent of the program. Despite mixed reviews, one trend is clear: centralized exchanges are no longer bystanders in the DeFi ecosystem - they are now active participants.

This shift is not limited to Binance. Other major platforms are also moving on - chain. For instance, Bybit recently announced ByReal, a DeFi platform based on Solana. Coinbase has also revealed plans to integrate on - chain services directly into its app. These developments indicate a broader structural shift in the exchange industry.

The key question is: Why are centralized exchanges, which have long relied on stable, revenue - generating business models, entering the inherently volatile DeFi market? This report analyzes the strategic rationale behind this shift and examines the market dynamics driving this evolution.

2. The Current State of CEXs Entering DeFi: What Are They Actually Building? Why are centralized exchanges rushing to enter DeFi?

Before analyzing the strategic motivations behind centralized exchanges' entry into the DeFi space, it is essential to first understand what they are actually building. Although these efforts are generally categorized under the broad trend of "CeDeFi" (Centralized - Decentralized Finance), the implementation varies significantly across different platforms.

Bybit, Coinbase, and Binance have each adopted distinct approaches - with differences in architecture, asset custody models, and user experience. Understanding these differences is crucial for assessing their respective strategies.

2.1. Bybit's ByReal: Providing CEX - Level Liquidity Through a Standalone DEX Why are centralized exchanges rushing to enter DeFi?

ByReal's initial announcement. Source: @byreal_io On June 14th, Bybit announced ByReal as the on - chain extension of its exchange infrastructure. The primary goal is clear: to replicate CEX - level liquidity in an on - chain environment. To achieve this, Bybit has adopted a hybrid design that combines a Request - for - Quote (RFQ) system with a Concentrated Liquidity Market Maker (CLMM) model.

The RFQ mechanism allows users to request quotes from multiple brokers before executing a trade, enabling price optimization through professional market makers. The CLMM model concentrates liquidity within the active trading price range, improving capital efficiency and reducing slippage - both key factors in approximating a CEX trading experience on - chain.

At the same time, ByReal remains decentralized at the user level. Assets are self - custodied through Web3 wallets like Phantom, and the platform includes a token launchpad for new project offerings. It also offers yield - generating functions through its Revive Vault, including Solana staking products like $bbSOL.

Bybit's strategic intention with ByReal is to create a parallel liquidity layer for early - stage tokens that may not meet the listing standards of its main exchange, but can thrive in a more open, community - driven environment. Although structurally similar to Binance Alpha, ByReal differentiates itself by integrating launchpad functions and yield products into a more comprehensive service.

2.2. Coinbase: A Dual - Track Strategy for Retail and Institutional Users Why are centralized exchanges rushing to enter DeFi?

Source: Coinbase At the 2025 Crypto Summit, Coinbase announced plans to integrate DeFi trading directly into its main app, rather than through a standalone wallet. The core of this strategy lies in providing a seamless user experience. By enabling DEX trading within the core app, users can access and trade thousands of tokens from the moment of asset minting without leaving the Coinbase interface.

Why are centralized exchanges rushing to enter DeFi?

Source: Coinbase Although DeFi access is already possible through the standalone Coinbase Wallet, the company has introduced a key differentiating feature: Verified Pools. These pools are only open to institution participants who have undergone KYC (Know Your Customer) verification, providing entities with regulatory obligations a secure and compliant environment.

Ultimately, Coinbase has developed a complex dual - track strategy: serving retail users with smooth, integrated on - chain access while offering institutional users a regulated, high - assurance liquidity venue. This allows the company to cater to both user groups while maintaining a balance between user experience and compliance.

2.3. Binance Alpha: A Retail - Oriented Strategy to Lower the Web3 Barrier Why are centralized exchanges rushing to enter DeFi?

Among the three major exchanges, Binance Alpha is the most retail - oriented product. Unlike other platforms focusing on decentralization, Binance prioritizes ease of use. Alpha can be directly accessed through a tab in the Binance main app, allowing users to trade without leaving the familiar interface.

Although all transactions are processed on - chain, users interact with Alpha through their existing Binance accounts, eliminating the need to set up separate wallets or manage seed phrases. This significantly lowers the barrier to entry for Web3 newcomers.

Despite all three platforms converging towards the CeDeFi model, their paths differ significantly. Bybit targets DeFi - native users with a fully decentralized architecture and advanced liquidity mechanisms; Coinbase adopts a dual - track strategy, serving both retail and institutional clients through differentiated infrastructure; while Binance focuses on popularizing Web3 by simplifying its complexities.

Each exchange is exploring its own trade - offs in asset custody, product planning, and integration depth, collectively shaping the diverse entry points of the evolving CeDeFi ecosystem.

3. Strategic Drivers for Centralized Exchanges (CEX) Moving to DeFi3.1. Seizing Early - Stage Token Opportunities and Avoiding Listing Risks The first reason is straightforward: CEXs want to gain priority access to popular tokens, but they are unable to list these tokens quickly enough.

Most new tokens are now directly issued on decentralized exchanges (DEXs), where permissionless listing mechanisms and widespread attention drive rapid trading volume growth. However, due to legal scrutiny, risk management, or regional compliance restrictions, even if CEXs clearly see user demand, they often cannot list these tokens immediately.

This delay incurs real opportunity costs. Trading volume flows to decentralized platforms like Uniswap, and CEXs lose listing fee revenue. More importantly, users begin to associate token discovery and innovation with DEXs, rather than CEXs.

By launching their own on - chain products, CEXs have created a compromise solution. Platforms like ByReal and Binance Alpha act as semi - sandboxed venues: tokens can be traded without going through formal listing channels, but still remain in a controlled and brand - safe environment. This allows exchanges to monetize user activity through exchange fees or token issuance mechanisms in the early stages while maintaining legal distance. The exchanges provide access, but do not directly custody or endorse these assets.

This structure offers CEXs a way to participate in token discovery while avoiding triggering regulatory responsibilities. They can capture liquidity, generate revenue, and guide activity back to their own ecosystems - all while waiting for the formal listing review process to catch up.

3.2. Keeping Users On - Chain and Preventing User Loss The second driving factor stems from user behavior. Although DeFi is at the forefront of token innovation and capital efficiency, mainstream users still find it difficult to access easily. Most users are unwilling to manually transfer assets across chains, manage wallets, approve smart contracts, or pay unpredictable Gas fees. Despite these barriers, the most attractive opportunities (such as new token launch trading and yield strategies) are increasingly occurring on - chain.

CEXs (Centralized Exchanges) have identified this gap and responded by embedding DeFi access directly into their platforms. All the CEX integrations mentioned above allow users to interact with on - chain liquidity through the familiar CEX interface. In many cases, the exchanges completely abstract away wallet management and Gas costs, enabling users to access DeFi as easily as using a Web2 application.

This approach achieves two goals. First, it prevents user loss. Traders who might have turned to DEXs (Decentralized Exchanges) can now stay within the CEX ecosystem even when using DeFi products. Second, it enhances the platform's defensive capabilities. By controlling the access layer and gradually taking hold of the liquidity layer, CEXs build network effects beyond spot trading.

Over time, this will translate into a user lock - in effect for the platform. As users become more sophisticated, many will seek cross - chain routing, yield products, and trading strategies. If CEXs have their own DEX infrastructure, Launchpad layer, and even proprietary chains (such as Coinbase's Base), they can ensure that users, developers, and liquidity are firmly tied to their ecosystem. User activity will be tracked, monetized, and recycled within the ecosystem, rather than flowing to third - party protocols.

In practice, on - chain integration enables CEXs to control the entire lifecycle of user funds: from fiat on - ramping, to DeFi exploration, and finally to token listing and exit - all within a unified and revenue - generating system.

4. The Future Path of CeDeFi The on - chain expansion of major centralized exchanges (CEXs) marks an important turning point in the evolution of the crypto industry. CEXs no longer view DeFi as an external phenomenon, but instead begin to build their own infrastructure or at least ensure direct access to the user layer.

4.1. Blurring Boundaries: The Rise of a New Trading Paradigm As CEXs integrate on - chain services, from the user's perspective, the boundaries between "exchanges" and "protocols" are becoming increasingly blurred. A user trading on - chain tokens on Bybit may not even realize whether they are interacting with a decentralized protocol or a centralized interface. This convergence could significantly reshape the entire industry's liquidity architecture, product design, and user processes.

Institutional behavior will also be a key observation point, but a comprehensive capital influx in the short term is unlikely. Institutions remain cautious, mainly because some risks have not yet been resolved: regulatory uncertainty, smart contract vulnerabilities, token price manipulation, and opaque governance mechanisms.

The launch of on - chain services by exchanges does not eliminate these structural risks. In fact, some institutions may view exchange - intermediated DeFi access as a new layer of intermediary risk. In reality, early attempts are likely to come from hedge funds and proprietary trading firms, which will deploy small - scale capital for experimentation. More conservative participants, such as pension funds or insurance companies, are expected to remain on the sidelines for the next few years. Even if they participate, they are likely to adopt an extremely cautious allocation approach - typically not exceeding 1 - 3% of their investment portfolios.

Against this backdrop, predictions of "billions of dollars in capital inflows" seem overly optimistic. A more realistic outlook is gradual testing in the hundreds of millions of dollars. However, even these moderate capital inflows could enhance market depth and alleviate volatility to some extent.

4.2. The Evolving Role of Exchange Tokens As exchanges continue to expand their on - chain services, the functions of native exchange tokens will also evolve. Holding a certain amount of these tokens may offer users on - chain fee discounts or unlock yield opportunities through staking and liquidity incentives. These changes may introduce new utility for exchange tokens, as well as new volatility.

Currently, Binance is the only major platform that provides clear and ongoing utility for its native token (BNB), which plays an active role in multiple services. The functions of most other exchange tokens are still limited to basic fee discounts.

As the CeDeFi infrastructure matures, this status quo will change. When exchanges operate integrated on - chain and off - chain platforms, their native tokens will become the link between these two realms. Users may need to hold exchange tokens to participate in staking, Launchpools, or gain early access to newly listed projects - whether centralized or decentralized.

This functional expansion will elevate exchange tokens beyond mere utility assets; they will become core assets in vertically integrated ecosystems. Exchanges that already have tokens may significantly enhance their token's utility, while those that have not yet issued tokens may consider launching new ones to support DeFi - related services. This is especially likely for platforms that develop their own blockchains or differentiated DeFi layers.

In short, exchange tokens are evolving from simple fee - discount tools to strategic assets, playing a key role in user retention, protocol integration, and cross - platform capital flow.

4.3. Fusion in Progress: A New Competitive Landscape The expansion of on - chain services by CEXs is not just a defensive strategy; it represents a positive bet on the future of the crypto ecosystem. Exchanges no longer view DeFi as a threat but as an adjacent field that can be integrated and even absorbed.

The most likely scenario is convergence. Major exchanges will increasingly operate semi - decentralized networks, and standalone DeFi protocols may find themselves relying on these growing ecosystems or even being integrated into them. This could ultimately lead to a redistribution of power and liquidity, with CEX - dominated platforms becoming the gravitational centers of DeFi activity.

This trend may give rise to a more unified market structure, enabling the free flow of liquidity between centralized and decentralized environments. Users will be able to choose a combination of trust, transparency, and convenience according to their preferences. The competitive landscape is changing, and Bybit's launch of ByReal may be an early signal of this hybrid future gradually taking shape.

Key Takeaways

• Strategic Differentiation: Binance offers retail - centric on - chain services to lower the barrier to entry for Web3. Bybit has launched a standalone platform, ByReal, to provide CEX - level liquidity on - chain. Coinbase, on the other hand, has adopted a dual - track model targeting both retail and institutional users.

• Why CEXs Are Moving On - Chain: With an increasing number of early - stage tokens being initially launched on decentralized exchanges (DEXs), centralized exchanges face listing delays due to regulatory scrutiny - resulting in a loss of trading volume and revenue. On - chain services allow them to participate in the early - stage token flow and retain users without formal listings.

• The Future of CeDeFi: The boundaries between platforms are blurring. Exchange tokens are evolving from fee - discount tools to core assets connecting the centralized and decentralized ecosystems. Some DeFi protocols may be absorbed into larger CEX - dominated networks, accelerating the formation of an integrated hybrid market.

1. The Irresistible Opportunity: CEXs Moving On - Chain Binance's recent move, Binance Alpha, has become the focus of the market. Operated by the Binance team, Alpha serves as a DeFi - based listing platform that enables retail users to access early - stage tokens faster than through traditional exchange channels. This significantly enhances the accessibility and participation of tokens, especially through mechanisms like Alpha Points that facilitate targeted airdrops to users.

However, this model is not without controversy. Several tokens listed on Alpha experienced a sharp drop in price shortly after launch, sparking debates about the structure and intent of the program. Despite mixed reviews, one trend is clear: centralized exchanges are no longer bystanders in the DeFi ecosystem - they are now active participants.

This shift is not limited to Binance. Other major platforms are also moving on - chain. For instance, Bybit recently announced ByReal, a DeFi platform based on Solana. Coinbase has also revealed plans to integrate on - chain services directly into its app. These developments indicate a broader structural shift in the exchange industry.

The key question is: Why are centralized exchanges, which have long relied on stable, revenue - generating business models, entering the inherently volatile DeFi market? This report analyzes the strategic rationale behind this shift and examines the market dynamics driving this evolution.

2. The Current State of CEXs Entering DeFi: What Are They Actually Building? Why are centralized exchanges rushing to enter DeFi?

Before analyzing the strategic motivations behind centralized exchanges' entry into the DeFi space, it is essential to first understand what they are actually building. Although these efforts are generally categorized under the broad trend of "CeDeFi" (Centralized - Decentralized Finance), the implementation varies significantly across different platforms.

Bybit, Coinbase, and Binance have each adopted distinct approaches - with differences in architecture, asset custody models, and user experience. Understanding these differences is crucial for assessing their respective strategies.

2.1. Bybit's ByReal: Providing CEX - Level Liquidity Through a Standalone DEX Why are centralized exchanges rushing to enter DeFi?

ByReal's initial announcement. Source: @byreal_io On June 14th, Bybit announced ByReal as the on - chain extension of its exchange infrastructure. The primary goal is clear: to replicate CEX - level liquidity in an on - chain environment. To achieve this, Bybit has adopted a hybrid design that combines a Request - for - Quote (RFQ) system with a Concentrated Liquidity Market Maker (CLMM) model.

The RFQ mechanism allows users to request quotes from multiple brokers before executing a trade, enabling price optimization through professional market makers. The CLMM model concentrates liquidity within the active trading price range, improving capital efficiency and reducing slippage - both key factors in approximating a CEX trading experience on - chain.

At the same time, ByReal remains decentralized at the user level. Assets are self - custodied through Web3 wallets like Phantom, and the platform includes a token launchpad for new project offerings. It also offers yield - generating functions through its Revive Vault, including Solana staking products like $bbSOL.

Bybit's strategic intention with ByReal is to create a parallel liquidity layer for early - stage tokens that may not meet the listing standards of its main exchange, but can thrive in a more open, community - driven environment. Although structurally similar to Binance Alpha, ByReal differentiates itself by integrating launchpad functions and yield products into a more comprehensive service.

2.2. Coinbase: A Dual - Track Strategy for Retail and Institutional Users Why are centralized exchanges rushing to enter DeFi?

Source: Coinbase At the 2025 Crypto Summit, Coinbase announced plans to integrate DeFi trading directly into its main app, rather than through a standalone wallet. The core of this strategy lies in providing a seamless user experience. By enabling DEX trading within the core app, users can access and trade thousands of tokens from the moment of asset minting without leaving the Coinbase interface.

Why are centralized exchanges rushing to enter DeFi?

Source: Coinbase Although DeFi access is already possible through the standalone Coinbase Wallet, the company has introduced a key differentiating feature: Verified Pools. These pools are only open to institution participants who have undergone KYC (Know Your Customer) verification, providing entities with regulatory obligations a secure and compliant environment.

Ultimately, Coinbase has developed a complex dual - track strategy: serving retail users with smooth, integrated on - chain access while offering institutional users a regulated, high - assurance liquidity venue. This allows the company to cater to both user groups while maintaining a balance between user experience and compliance.

2.3. Binance Alpha: A Retail - Oriented Strategy to Lower the Web3 Barrier Why are centralized exchanges rushing to enter DeFi?

Among the three major exchanges, Binance Alpha is the most retail - oriented product. Unlike other platforms focusing on decentralization, Binance prioritizes ease of use. Alpha can be directly accessed through a tab in the Binance main app, allowing users to trade without leaving the familiar interface.

Although all transactions are processed on - chain, users interact with Alpha through their existing Binance accounts, eliminating the need to set up separate wallets or manage seed phrases. This significantly lowers the barrier to entry for Web3 newcomers.

Despite all three platforms converging towards the CeDeFi model, their paths differ significantly. Bybit targets DeFi - native users with a fully decentralized architecture and advanced liquidity mechanisms; Coinbase adopts a dual - track strategy, serving both retail and institutional clients through differentiated infrastructure; while Binance focuses on popularizing Web3 by simplifying its complexities.

Each exchange is exploring its own trade - offs in asset custody, product planning, and integration depth, collectively shaping the diverse entry points of the evolving CeDeFi ecosystem.

3. Strategic Drivers for Centralized Exchanges (CEX) Moving to DeFi3.1. Seizing Early - Stage Token Opportunities and Avoiding Listing Risks The first reason is straightforward: CEXs want to gain priority access to popular tokens, but they are unable to list these tokens quickly enough.

Most new tokens are now directly issued on decentralized exchanges (DEXs), where permissionless listing mechanisms and widespread attention drive rapid trading volume growth. However, due to legal scrutiny, risk management, or regional compliance restrictions, even if CEXs clearly see user demand, they often cannot list these tokens immediately.

This delay incurs real opportunity costs. Trading volume flows to decentralized platforms like Uniswap, and CEXs lose listing fee revenue. More importantly, users begin to associate token discovery and innovation with DEXs, rather than CEXs.

By launching their own on - chain products, CEXs have created a compromise solution. Platforms like ByReal and Binance Alpha act as semi - sandboxed venues: tokens can be traded without going through formal listing channels, but still remain in a controlled and brand - safe environment. This allows exchanges to monetize user activity through exchange fees or token issuance mechanisms in the early stages while maintaining legal distance. The exchanges provide access, but do not directly custody or endorse these assets.

This structure offers CEXs a way to participate in token discovery while avoiding triggering regulatory responsibilities. They can capture liquidity, generate revenue, and guide activity back to their own ecosystems - all while waiting for the formal listing review process to catch up.

3.2. Keeping Users On - Chain and Preventing User Loss The second driving factor stems from user behavior. Although DeFi is at the forefront of token innovation and capital efficiency, mainstream users still find it difficult to access easily. Most users are unwilling to manually transfer assets across chains, manage wallets, approve smart contracts, or pay unpredictable Gas fees. Despite these barriers, the most attractive opportunities (such as new token launch trading and yield strategies) are increasingly occurring on - chain.

CEXs (Centralized Exchanges) have identified this gap and responded by embedding DeFi access directly into their platforms. All the CEX integrations mentioned above allow users to interact with on - chain liquidity through the familiar CEX interface. In many cases, the exchanges completely abstract away wallet management and Gas costs, enabling users to access DeFi as easily as using a Web2 application.

This approach achieves two goals. First, it prevents user loss. Traders who might have turned to DEXs (Decentralized Exchanges) can now stay within the CEX ecosystem even when using DeFi products. Second, it enhances the platform's defensive capabilities. By controlling the access layer and gradually taking hold of the liquidity layer, CEXs build network effects beyond spot trading.

Over time, this will translate into a user lock - in effect for the platform. As users become more sophisticated, many will seek cross - chain routing, yield products, and trading strategies. If CEXs have their own DEX infrastructure, Launchpad layer, and even proprietary chains (such as Coinbase's Base), they can ensure that users, developers, and liquidity are firmly tied to their ecosystem. User activity will be tracked, monetized, and recycled within the ecosystem, rather than flowing to third - party protocols.

In practice, on - chain integration enables CEXs to control the entire lifecycle of user funds: from fiat on - ramping, to DeFi exploration, and finally to token listing and exit - all within a unified and revenue - generating system.

4. The Future Path of CeDeFi The on - chain expansion of major centralized exchanges (CEXs) marks an important turning point in the evolution of the crypto industry. CEXs no longer view DeFi as an external phenomenon, but instead begin to build their own infrastructure or at least ensure direct access to the user layer.

4.1. Blurring Boundaries: The Rise of a New Trading Paradigm As CEXs integrate on - chain services, from the user's perspective, the boundaries between "exchanges" and "protocols" are becoming increasingly blurred. A user trading on - chain tokens on Bybit may not even realize whether they are interacting with a decentralized protocol or a centralized interface. This convergence could significantly reshape the entire industry's liquidity architecture, product design, and user processes.

Institutional behavior will also be a key observation point, but a comprehensive capital influx in the short term is unlikely. Institutions remain cautious, mainly because some risks have not yet been resolved: regulatory uncertainty, smart contract vulnerabilities, token price manipulation, and opaque governance mechanisms.

The launch of on - chain services by exchanges does not eliminate these structural risks. In fact, some institutions may view exchange - intermediated DeFi access as a new layer of intermediary risk. In reality, early attempts are likely to come from hedge funds and proprietary trading firms, which will deploy small - scale capital for experimentation. More conservative participants, such as pension funds or insurance companies, are expected to remain on the sidelines for the next few years. Even if they participate, they are likely to adopt an extremely cautious allocation approach - typically not exceeding 1 - 3% of their investment portfolios.

Against this backdrop, predictions of "billions of dollars in capital inflows" seem overly optimistic. A more realistic outlook is gradual testing in the hundreds of millions of dollars. However, even these moderate capital inflows could enhance market depth and alleviate volatility to some extent.

4.2. The Evolving Role of Exchange Tokens As exchanges continue to expand their on - chain services, the functions of native exchange tokens will also evolve. Holding a certain amount of these tokens may offer users on - chain fee discounts or unlock yield opportunities through staking and liquidity incentives. These changes may introduce new utility for exchange tokens, as well as new volatility.

Currently, Binance is the only major platform that provides clear and ongoing utility for its native token (BNB), which plays an active role in multiple services. The functions of most other exchange tokens are still limited to basic fee discounts.

As the CeDeFi infrastructure matures, this status quo will change. When exchanges operate integrated on - chain and off - chain platforms, their native tokens will become the link between these two realms. Users may need to hold exchange tokens to participate in staking, Launchpools, or gain early access to newly listed projects - whether centralized or decentralized.

This functional expansion will elevate exchange tokens beyond mere utility assets; they will become core assets in vertically integrated ecosystems. Exchanges that already have tokens may significantly enhance their token's utility, while those that have not yet issued tokens may consider launching new ones to support DeFi - related services. This is especially likely for platforms that develop their own blockchains or differentiated DeFi layers.

In short, exchange tokens are evolving from simple fee - discount tools to strategic assets, playing a key role in user retention, protocol integration, and cross - platform capital flow.

4.3. Fusion in Progress: A New Competitive Landscape The expansion of on - chain services by CEXs is not just a defensive strategy; it represents a positive bet on the future of the crypto ecosystem. Exchanges no longer view DeFi as a threat but as an adjacent field that can be integrated and even absorbed.

The most likely scenario is convergence. Major exchanges will increasingly operate semi - decentralized networks, and standalone DeFi protocols may find themselves relying on these growing ecosystems or even being integrated into them. This could ultimately lead to a redistribution of power and liquidity, with CEX - dominated platforms becoming the gravitational centers of DeFi activity.

This trend may give rise to a more unified market structure, enabling the free flow of liquidity between centralized and decentralized environments. Users will be able to choose a combination of trust, transparency, and convenience according to their preferences. The competitive landscape is changing, and Bybit's launch of ByReal may be an early signal of this hybrid future gradually taking shape.