The SG token stabilization system was implemented in the SocialGood App in order to preserve the SocialGood Ecosystem™. With this innovative feature, we aim to improve and stabilize the supply-demand balance of the SG token and secure its value for all long-term SocialGood holders.
Users have the option to use a Priority Pass to have their request be processed sooner. Users with currently pending withdrawal requests are also able to purchase a Priority Pass to speed up their withdrawal.
How does the SG token stabilization system work?
A paced withdrawal pool has been implemented into the SocialGood App. This means that there is a maximum total amount of SG that can be withdrawn by all users cumulatively within a certain timeframe. Once that maximum is reached, withdrawal requests will be labeled as “Pending” and paced out in a timed queue (first-come, first-served, within the allocated amount).
What is a Priority Pass and how do I get one?
The Priority Pass is an optional add-on that allows you to withdrawal more quickly than the standard withdrawal, which can take an extended time depending on the number of pending withdrawals from other users. You can select the Priority Pass at the time of your withdrawal request, as shown below, for a higher withdrawal fee.
How long will it take for my SG withdrawal to arrive in my connected wallet?
The estimated time for processing is shown on the SG Withdrawal screen. After you request a withdrawal, you may also view the estimated time in your Withdrawal History. Please note that you can only withdraw once per 24 hours, and you cannot make multiple withdrawal requests at the same time. Due to network issues, it may take multiple days for your SG to arrive after your request is processed.
Where can I view the estimated time before I place my withdrawal request?
Check the "Withdraw SG" screen. It is also shown as a banner on top of the screens during the withdrawal process. (See the above image.)
Where can I view the estimated time after I place my withdrawal request?
In the "My Account" screen, tap "Withdrawal History". You will see a list of your withdrawals. Tap the "Pending" withdrawal request to see the estimated time remaining.
Can I cancel my withdrawal request after completing the withdrawal process?
No, withdrawal requests cannot be canceled.
Is the estimated time fixed?
No, it is subject to change and should be considered as a rough estimate.
If I request to withdraw the maximum monthly amount in February, but the withdrawal is processed in March, will it be considered a withdrawal from February, and not from March?
Yes, if your request was placed in February, it will be considered a February withdrawal. Regardless of when the process is completed and the SG arrives to your wallet, you are able to request the maximum amount each month, as long as you do not make multiple withdrawal requests at the same time.