First tier exchanges are accelerating their embrace of on chain trading Binance: BNB Chain+Binance Wallet+Binance Alpha Coinbase: Base (big news: Coinbase plans to support trading of all base chain tokens on the application side) Bybit: Real+IyAM (asset lit) This article focuses on the on chain layout and strategy of Bybit. Bybit registration: https://www. ((bybit.com))/zh-MY/trade/spot/token-splash? affiliate_id=96987 1. Byreal: On chain 'super applications' Byreal is an on chain comprehensive platform built by Bybit, covering mainstream DeFi functions such as DEX, launch pad, and revenue vault. Core functions DEX: Adopting a hybrid routing mechanism of CLMM+RFQ (quotation request) Launch pad: intelligent price ladder+fair distribution engine Community Treasury: Selected Revenue Treasury I am most looking forward to the launch pad part, and it is obvious that there will be many good projects willing to launch on Byreal under Bybit's endorsement. Just hoping for more iterations in gameplay, Virtuals Genesis Launches is the best learning object. timeline Test Network: Planned to be launched on June 30, 2025 Mainnet: Expected to be launched in the third quarter of 2025 2. IYAM (Asset Lighting Activity) Similar to Binance Alpha, Bybit uses gamification mechanisms, high rewards, and scenario based task guidance to stimulate user interaction interest and complete a closed-loop product experience. Event Time: June 10th to July 11th, 2025 activity structure Main activity: Light up the map, win a million yuan prize through lottery Task: Flash/spot trading (≥ 100 USDT) → 1 chance for lucky draw Leveraged trading/collateralized lending (≥ 200 USDT/50 USDT) → 2 lottery opportunities Leverage staking SOL (≥ 1 SOL) → 2 chances for lottery draw Hidden tasks: Complete all 5 tasks and unlock 5 additional lottery opportunities Reward: USDT airdrop Asset appreciation station: Trading positions earn points and divide 700000 USDT Integral mechanism: Trading points: Spot trading, leverage trading, and flash trading accumulate based on trading volume, with flash trading and leverage trading enjoying a 1.1x bonus. Position points: Pledge lending (1.5 times bonus), leverage pledge SOL (1.1 times bonus), automatically calculated from daily asset snapshots. Event details can be found here: https://announcements. ((bybit.com))/en/article/:title-blt6a996b744eabb90e/ Reference: The viewpoint section of this article is based on @ ahboyash's article.