TechFlow news, at the Solana Breakpoint conference, Emily, founder of Byreal and head of Bybit Spot, said that with RWA and institutional capital continuously entering the crypto market, CeFi, DeFi, and TradFi are no longer isolated systems but are accelerating convergence to form a new on-chain financial infrastructure.
Emily noted that the core challenge facing current on-chain adoption is not whether users can access DeFi, but how to lower the barriers between different financial systems while ensuring security and efficiency. The future on-chain experience should naturally integrate decentralized liquidity and on-chain assets within users' familiar usage pathways, rather than requiring frequent switching between systems. As RWA gradually becomes a significant on-chain asset class, platforms with real growth potential will be those capable of integrating centralized entry points, decentralized liquidity, and traditional financial assets within a single experience. Using Solana and Bybit's development as examples, Emily emphasized that TradFi, CeFi, and DeFi are no longer three parallel tracks but are undergoing systemic integration.
Emily stated that Byreal, built on Solana, is precisely designed around this convergence trend. Byreal is not an independent DeFi product but works in tandem with Bybit Alpha as critical infrastructure connecting centralized entry points with on-chain liquidity. Bybit Alpha serves as the CeDeFi bridging layer between CeFi and DeFi, while Byreal functions as the underlying on-chain execution and liquidity access layer, enabling users to seamlessly participate in on-chain trading through familiar interfaces and directly access decentralized liquidity, transparent settlement, and on-chain ownership mechanisms—thus driving scalable applications of real-world assets in on-chain markets.
Emily concluded that the next era of billions-scale on-chain transactions will "start in CeFi, happen in DeFi, and be driven by TradFi assets," and the industry's next growth cycle will be defined by this integrated architecture.
