What you need to know:
EverRise has introduced a multi-chain decentralised exchange that will allow users to swap native cryptocurrencies, such as Ethereum (ETH/ERC-20), Binance Smart Chain (BNB/BEP-20), and Polygon (MATIC/Polygon), across blockchains without a central exchange platform.
EverSwap, the fifth decentralised application of EverRise, is a multi-chain decentralised exchange (DEX) with a Native Coin Swap feature powered by their cross-chain bridging dApp EverBridge.
The Native Coin Swap (NCS) lowers the barrier to entry for users new to the block gain space by making the cross-chain experience accessible and seamless, reducing the procedure and fees while creating faster transfers. The Native Coin Swap function provides an efficient way for users to participate in multiple blockchain ecosystems while staying all DeFi.
While crypto assets such as BNB, ETH, or MATIC would need to be withdrawn to a central exchange platform when swapped for the coin of a different blockchain, EverSwap’s Native Coin Swap performs all transactions in the backend, creating an effective process for users with the ability to receive new coins at block speed.
In its public beta release in November, users of EverSwap noted native coin cross-chain swaps being completed within two minutes.
Last November, EverRise released an upgraded token (RISE). The upgraded token launched at the same time on three chains connected by EverBridge, with one circulating supply across the Ethereum, Binance Smart Chain, and Polygon networks.
The Native Coin Swap feature uses EverBridge 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 of this feature will cover the gas fee and a one-per-transaction fee per swap initiated only.