The Native Coin Swap (NCS) functionality lowers the barrier to entry for those interested in the multi-chain DeFi space by making the cross-chain experience accessible and seamless with fewer steps, fewer fees, and faster transfers.
With EverSwap’s Native Coin Swap, users will be able to swap native cryptocurrencies, starting with Ethereum (ETH / ERC-20), Binance Smart Chain (BNB / BEP-20), and Polygon (MATIC / Polygon), across blockchains without the need for a centralized exchange. The Native Coin Swap provides a one-step DeFi solution for trading native cryptocurrencies.
Native coins such as BNB, ETH, or MATIC typically need to be withdrawn to a centralized exchange when swapping for the coin of a different blockchain. This process traditionally costs both time and money with multiple transactions involved and steps needed to be taken by the user. Instead, EverSwap’s Native Coin Swap performs all transactions in the backend, creating a more streamlined process for users with the ability to receive new coins at block speed.
EverSwap’s Native Coin Swap provides a fast and efficient way for users to participate in multiple blockchain ecosystems while staying all DeFi. Since the feature leverages the unique bridging infrastructure created for EverBridge by the EverRise development team, users are able to take advantage of EverBridge’s security features and block speed transfers. During their public beta release, users reported native coin cross-chain swaps being completed as fast as within 2 minutes.
EverRise released an upgraded token (RISE) on November 29th, 2021. The upgraded RISE token launched simultaneously on three chains connected by EverBridge, with one circulating supply across the Ethereum, Binance Smart Chain, and Polygon networks. This shared supply allows the RISE token to be used as an intermediary transfer token between the three blockchains. The protocol upgrade also introduced flexible, high yield staking into the EverRise ecosystem and made their security-centric dApps available to projects developed on any of these blockchains.
EverSwap’s Native Coin Swap utilizes EverBridge’s technology to perform the transactions on the backend. EverBridge takes a native coin on one blockchain, converts it into RISE, then bridges the RISE tokens to the receiving blockchain, sells the bridged RISE tokens for the new native coin and deposits it directly back into the user’s DeFi wallet. Users justcover the gas fee and a 1% transaction fee per swap initiated. The volume generated from these transactions also contributes to the EverRise buyback and stake protocol. Currently, over 47% of the total RISE supply is staked and locked for an average of 9 months.
EverSwap’s Native Coin Swap feature is one of the first of its kind in the decentralized finance space and is a massive milestone for the industry as a whole. With a frictionless experience and intuitive UX/UI, EverSwap’s Native Coin Swap provides a novel tool for those exploring multiple blockchains in the DeFi space. As EverRise expands its ecosystem to more blockchains, they will bring this feature along with them and make more native cryptocurrencies available for trading on EverSwap.
EverSwap’s Native Coin Swap feature is only the beginning of the all-in-one multi-chain DEX that the EverRise team is building out. A multi-chain swap option for the RISE token is slated to be released soon for RISE holders to swap RISE on Ethereum, Binance Smart Chain, and Polygon. In addition to the multi-chain swap feature for RISE, EverRise will also be looking to add functionality to allow users to swap other DeFi tokens trading on Ethereum, Binance Smart Chain, and Polygon networks in the future.
EverRise is a blockchain technology company focused on increasing accessibility to decentralized finance by bringing security solutions to the space. Through an innovative ecosystem of decentralized applications, EverRise provides investors and developers the tools to access the widest possible market with the maximum level of security. They are working towards the mass adoption of safety protocols across Binance Smart Chain, Ethereum, and Polygon networks and currently offer 5 security dApps: EverBridge, EverOwn, EverMigrate, EverStake and EverSwap, with more on the way.
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