effervescing vs bubbly

effervescing is not a noun while bubbly is a noun.

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

As adjectives, effervescing and bubbly are synonyms defined as:

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

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

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

effervescing (adjective)	bubbly (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