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EverBridge: Native Coin Swap (Beta Release)

EverBridge: Native Coin Swap (Beta Release)

We are excited to open the public beta for the Native Coin Swap feature on the EverBridge decentralized application (dApp). Users will be able to directly convert between BNB (BEP-20), ETH (ERC-20), and MATIC (POLYGON) with one transaction at blockspeed (swap speeds are dependent on network congestion).

Traditional native cross-chain swaps typically require a centralized exchange, multiple steps, multiple transaction fees/transfer fees/gas fees– this is a massive user barrier. EverBridge’s Native Coin Swap makes going from one blockchain to another more accessible than ever before with a few simple clicks while keeping it all DeFi. Users can swap native cryptocurrencies BNB (BEP-20), ETH (ERC-20), MATIC (Polygon) now via the beta feature on EverBridge.

How it works

The Native Coin Swap works through EverBridge and the RISE token. The user sends the native cryptocurrency amount (BNB, ETH, or MATIC) to EverBridge, which is used to purchase RISE tokens from the market without the transaction tax. The RISE tokens are then bridged to the blockchain of destination and then sold to the market without the transaction tax, sending the new native cryptocurrency (BNB, ETH, or MATIC) to the user's wallet.

Users only pay the gas and a 1% txn fee for using the feature. The txn fee is broken down with a 0.5% fee of the native coin on each side. The 1% txn fee goes towards business and product development.

EverBridge will provide a quote before executing the transaction to let users know how much they will receive from the swap and if there is any degree of impermanent loss in the exchange.

The volume from the Native Coin Swap will contribute to the volume needed for the automatic buybacks to trigger. However, since the transactions are not subject to the normal transfer tax, they will not normally fund the buyback protocol, except when there is an arbitrage gain.

Trading Pairs/Trios

  • ETH (Ethereum / ERC-20) -> RISE -> BNB (BSC / BEP-20)

  • ETH (Ethereum / ERC-20) -> RISE -> MATIC (Polygon / Polygon)

  • BNB (BSC / BEP-20) -> RISE -> ETH (Ethereum / ERC-20)

  • BNB (BSC / BEP-20) -> RISE -> MATIC (Polygon / Polygon)

  • MATIC (Polygon / Polygon) -> RISE -> ETH (Ethereum / ERC-20)

  • MATIC (Polygon / Polygon) -> RISE -> BNB (BSC / BEP-20)

Transaction Amount Limits

We will have a limit on the max transaction amount while we monitor how the native coin cross-chain swap feature works live.

Max Transaction Limits:

  • 10 BNB (BEP-20)

  • 2 ETH (ERC-20)

  • 2,500 MATIC (Polygon)

Transaction Speeds

The native coin cross-chain swap feature is built leveraging the infrastructure of EverBridge, enabling the native cross-chain swaps transactions to happen at blockspeed. Actual time estimates of transfer speeds and gas prices are dependent on whether or not that blockchain networks are congested or not.

Price Differences of the RISE Across Chains

Since the native coin cross-chain swap feature uses RISE to transfer between chains, there is the potential for price differences affecting the dollar amount of native coin converted.

If a user transfers to a chain with RISE trading at a higher price than the chain they are sending from, they will receive the equivalent value of the new coin in USD of the coin they sent into the swap, less the 1% transaction fee.

Any excess value due to arbitrage between the RISE prices between chains will be automatically split:

  • 90% to the Buyback Wallet (Kraken) on Receiving Chain

  • 10% to Project Sustainability (Operations, Product Development and Marketing)

If a user transfers to a chain with RISE trading at a lower price than the chain they are sending from, they will receive a lesser value of the new coin in USD than the coin they sent into the swap. Since the swap works by purchasing RISE on one chain and selling it on the other chain, the amount received will be the corresponding value on the new chain of the RISE tokens purchased before being bridged.

Example Transactions

Example 1. If you want to swap $1,000 USD equivalent of ETH (ERC-20) for BNB (BEP-20) and RISE is trading 10% higher on Binance Smart Chain:

  • You will receive $990 USD equivalent of BNB.

    • $1,000 - $10 (1% txn fee) = $990

Since RISE is trading at a 10% higher price on Binance Smart Chain there is a $100 gain from the RISE sell:

  • $90 will be distributed to the Binance Smart Chain Buyback Wallet (Kraken)

  • $10 will be distributed to Project Sustainability

Example 2. (simplified) If you want to swap $1,000 USD of MATIC (Polygon) for BNB (BEP-20) and RISE is trading 10% lower on Binance Smart Chain:

  • You will receive $890 USD equivalent of BNB

$1,000 - $10 (1% txn fee) - $100 (10% price difference) = $890

Note:Price differences larger than 12% should only be transitory as they will be arbitraged via normal bridging.

Beta Testing Period

The public beta testing period will last through January 9th, 2022 with the Native Cross-Chain Swap publicly launching on January 10th, 2022. During this public beta period we will be monitoring the bridge activity, functionality of the new feature, and addressing any issues we see as they pop up on the livenet.