EverBridge successfully launched last week and so far has seen 13 trillion tokens transferred through it. After analyzing transactions, wallet to wallet bridge transfers from Binance Smart Chain to Ethereum average 10 seconds and 10 seconds from Ethereum to Binance Smart Chain.

A 10 second average bridging time between blockchains makes EverBridge the fastest commercially available bridge on the ETH, Polygon, or BSC blockchains.

Standard cross-blockchain bridges can take minutes, hours, or even days to process the transaction. This can cause users to worry their crypto is lost to the void. EverBridge, in keeping with the EverRise goal to ease doubt and worry in the industry by introducing a new category of ultra fast cross-blockchain bridges.

There were some issues with some wallets on some devices. In particular, the multi-chain wallet TrustWallet on iOS caused an issue where users could not choose which side of the bridge they wanted to start on. We will continue to improve the UX to provide the best possible experience while interacting with our dApps.

Seeing how well the bridge worked in practice has stepped up our ambition to bring RISE to all smart contract blockchains and offer this capability to other tokens that share our ideal to create a truly blockchain agnostic token available to all; with a single supply shared across all blockchains.

There was, however, one major challenge to this ambition we experienced in the RISE launch on Ethereum: we were not in a position to provide the same level of liquidity to Ethereum as we had on Binance Smart Chain. The low initial liquidity, amplified by the very high demand at launch, and the open bridge presented a problem for Ethereum holders. At this time, we have closed the bridge to allow the prices to balance without cross-chain token flows.

A breakdown of the launch transactions are as follows:

Oct-05-2021 09:13 PM

EverRise ETH contact address announced on telegram, website, discord

Block 13361398

Oct-05-2021 09:16:18 PM Block 13361398

1. Liquidity Add transaction (Method: “Add Liquidity ETH”) 0x335014ce3d7275d275eead354b446b1e8da3363314522eeb2fc6be5fdbfd2af9 added 4,000,000,000,000 RISE and 30.7 Ether Liquidity To Uniswap V2 making the price of RISE $0.000000027 on Ethereum (Promoted by txn 2)

2. Flashbot Buy transaction (Method: “Go”) 0xe035fb3df079ef559f0419254151fffd52447d066698a650a272b8eaca73a1f5 by address 0x24d86dc4e75979e9b57861b7a0944cdf38d73de0 paid 3.6 ETH to Ethermine to bypass the Ethereum mempool take this txn and the Liquidity Add direct to miners, and buy 1.3Tn for 15 ETH. This raised price of RISE to $0.000000059 or by x2.2

3. Buy Transaction (Method: “Swap Exact ETH For Tokens”) 0xe085e9d9d29af66b1724982ca50bb8519fe4ae3d92245a156228cb067d815813 by address 0x303e05247420a5eeab43312ab6109bbd898dcbbb paid gas price 705 Gwei to buy 155Bn for 3 ETH. This raised price of RISE to $0.000000067 or by x2.5

4. Buy Transaction (Method: “Swap Exact ETH For Tokens”) 0x93fa133c8cc66b45811ec7511822d6555ad52bdfc5aab860999a12f3372afc81 by address 0x6e2f66c73b0b482425b52f7b41e5f6745c927aa3 paid gas price 173 Gwei to buy 2.4Bn for 0.05 ETH. Price impact to RISE minimal

5. 44 more Buy transactions in the same block increasing the RISE price to 0.00000024929 by the end of the block or by x9.2

Block 13361400

Oct-05-2021 09:16:24 PM Block 13361400

1. 14 Buy transactions increasing RISE price to 0.000000328 or by x 12.1

Block 13361401

Oct-05-2021 09:16:34 PM Block 13361401

1. 3 Buy transactions increasing RISE price to 0.000000459 or by x 17.2

Block 13361402

Oct-05-2021 09:16:44 PM Block 13361402

1. 12 Buy transactions increasing RISE price to 0.000000494 or by x 18.3

2. 6 Sells original first block buyers began to sell reducing price to 0.000000179 or x 6.7

3. 6 Buy transactions increasing price to 0.000000202 or x7.5

Within 30 seconds of adding liquidity the price had hit x 18 with the people (likely bots) who had bought 3 blocks previously began to sell. Although the price rapidly fell after the start; it was still much higher than BSC and a fast 10 second bridging to the arbitrage began.

Screenshot from Dextools RISE/ETH Chart

Coupled with this, the Dextools chart on Ethereum used to track buys and sells displayed some information in an inaccurate way. Dextools attributed sells from individuals with the contract buyback rather than the seller in Dextools, which caused widespread panic of a rugpull. The way the RISE/ETH smart contract works is that for large sells, the automatic buyback occurs in the same txn resulting in both the buy and sell getting associated with the contract address in dextools. We will be fixing this so it does not display this way on Dextools again. See the sample txn below:

Sample Txn From RISE/ETH

As mentioned in Telegram, it was an oversight on our end that we did not have anti-bot protections in place. The initial thinking was that we did not want to make significant changes to our contract to keep the contract as close to the BSC contract as possible while minimizing gas fees. Moving forward, any new RISE pairs that launch will have anti-bot protections.

We did not feel this was a sustainable situation and we could not repeat this launch on Polygon. Since then, we decided to close the bridge and delay the Polygon launch until we could come up with a solution to improve the balance between blockchains and create a more fair arbitrage opportunity.

Our ambition remains to have fully open bridges and an overarching RISE token that unifies all smart contract blockchains. This goal, and the exceptional technology we have created to achieve it, would transform EverRise from a token project on the BSC (and now ETH) to a fully-fledged blockchain infrastructure provider, akin to the likes of Polygon. We shall continue to work towards this ambition.

We will offer our ultra-fast EverBridge to other tokens and projects that do not have our liquidity imbalance issue as a complete and successful cross-blockchain bridging solution.