bubbly vs effervescing

bubbly is a noun but effervescing is not a noun.

Word	Noun	Adjective	Verb	Adverb
bubbly	Yes	Yes	No	No
effervescing	No	Yes	No	No

As adjectives, bubbly and effervescing are synonyms defined as:

bubbly and effervescing: emitting or filled with bubbles as from carbonation or fermentation

Other synonyms of bubbly include bubbling, foaming, foamy, frothy, spumy.

bubbly (noun)	effervescing (noun)
a white sparkling wine either produced in Champagne or resembling that produced there

bubbly (adjective)	effervescing (adjective)
emitting or filled with bubbles as from carbonation or fermentation	emitting or filled with bubbles as from carbonation or fermentation
full of or showing high spirits