1. Introduction
The new Contributors Withdraw System was introduced into the SocialGood App on July 31, 2023.
In this system, a Contributor is a someone who has successfully referred 2 or more shoppers to the SocialGood App.
See a simple explanation here: https://socialgood.inc/withdrawal-faq/
Even if you are not a Contributor, we also offer the Regular Withdrawal system, which allows you to immediately withdraw SG every month without waiting in line. The amount which you can withdraw depends on your shopping total.
So, when will everyone who has shopped via the app be able to withdraw all the SG they hold? This will be possible when the volume of purchases made via the app grows large enough.
For more about why this system has been introduced and its benefits for users, see this article: https://socialgood.inc/new-contributors-withdrawal/
2. Zero Fee Campaign
*Starting from May 27, 2024, users will be responsible for Verification Fee when withdrawal. A fee of $30 will be charged only for the initial KYC process. Once you have completed KYC, there will be no additional Verification Fee in the future.
The Network Fee for first-time withdrawals (via Polygon only) and the Handling Fee (up to 3 times) will remain at $0 as always (since July 31, 2023).
No Withdrawal Handling Fee
To celebrate the introduction of the Contributor’s Withdrawal system, all withdrawal requests will have ZERO handling fees (up to 3 times).
*The withdrawal fee rates for withdrawal requests after the campaign is over are yet to be determined. The fee will be lowered the more that the number of SocialGood App users increases.
No Network Fee for First-Time Withdrawals (Polygon Only)
SocialGood will fully cover the network fee for first-time withdrawals, making it free for users. This will only apply to Regular Withdrawals on Polygon.
*If you choose to use the Ethereum network for your first withdrawal, you will be charged the network fee.
*All withdrawals after the first will be charged the network fee.
3. Tips for how to consistently get high-value Contributor Withdrawals
Your priority in Contributor Withdrawal system depends on the total value of purchases made by those you invited.
To affect your priority, these purchases must be:
・Made by your friends/family/community members who downloaded the SocialGood App via your invitation link or used your code when they registered
・Via the SocialGood App or Chrome extension
・Approved within the last 30 days
No matter how many others have already applied for the Contributor’s Withdrawal before you, if the amount of purchases by the people you invited is greater than theirs, you will pass ahead of them in line and your order will be processed the soonest.
This is a fair system where those who contribute the most to the rising SG price will benefit the most.
To benefit, be sure to share your referral link with your community and spread your referral code on social media. Keep promoting shopping via the SocialGood App or Chrome extension on your social media. It would be best to share information with your followers about special offers and promotions, like getting SG worth 200% of your purchased amount.
4. Details about the Withdrawal System
For all withdrawals
You can request a withdrawal only once every 30 days, regardless of whether it is Regular or Contributor’s. You can only submit one request at a time.
The SG amount you will receive will depend on the market rate at the time the withdrawal is processed (not the time when you requested the withdrawal). So, if you submit a request to withdraw $100 in SG, you will receive SG worth $100 at the time the SG is transferred to your connected wallet.
This means that you will not have to bear the risk of exchange rate fluctuations between the time of your withdrawal request and the time when the withdrawal is processed.
Depending on market price changes, you may have expected 100 SG at the time of your request, but if the price of SG rises by 25%, you would receive 80 SG. If the SG price goes down, you may get more SG than expected at the time of your request, but you are only able to withdraw a maximum of the Approved SG you are holding in the app. Therefore, there may be some cases in which you cannot withdraw enough SG to be worth the USD value expected at the time of your request.
Regular Withdrawals
Regular Withdrawals allow everyone to make immediate withdrawals based on their shopping history.
The amount you can withdraw with the Regular Withdrawal option is up to you – the sky’s the limit. The maximum will be calculated based on the total revenue from your purchases that have been Approved in the last 90 days. This revenue is the advertising fees from the partnered brands where you shop. The amount will vary depending on the store and your purchased amount.
*Please note that even if you have shopped recently via the app, if you have no approvals in the past 90 days, your withdrawable amount will be zero.
*There is no handling fee for Regular Withdrawals during the campaign period (up to 3 times).
Contributor’s Withdrawals
The Contributor Withdrawal is a feature that allows Contributors (those who contribute to the SocialGood Ecosystem and the rising SG price) to withdraw SG in higher amounts, with priority given to those who contribute the most.
You must be a Contributor to use this feature. To become a Contributor, you must successfully invite at least 2 people with your referral code/link, and their shopping must be Approved after July 31, 2023. As of Sept. 28, any past Approvals are also eligible.
Each of your invitees must have a total of $50 worth of Approved purchases.
You will need to have made purchases worth $50 or more in the last 30 days to request a withdrawal. The status can be Pending on those recent purchases to unlock the withdrawal feature. However, you can only withdraw Approved SG.
You can choose to withdraw SG worth $50, $100, $150, or $200.
*You will need to be holding Approved SG worth at least the USD value you select at the time of your request.
Contributor Withdrawals will be paced according to the portion of our revenue from partnered stores that is reserved for our Patented Buyback System. Your waiting time will be determined by your contribution to the ecosystem, determined by the total amount of approved purchases in the last 30 days by users who you invited.
If there are multiple users with the same amount of ecosystem contribution, they will be processed in the order of the earliest application timing.
The more shopping through the SocialGood App increases, the larger the Contributor Withdrawal pool will grow, which increases the speed of withdrawal processing for everyone.
*No handling fee will be charged during the campaign period.
FAQ
Q. I’m holding a lot of SG in the SocialGood App. When will I be able to withdraw all of my SG?
A. The more people use the app, the more SG we can buy back from the market using our revenue, and more Contributor’s Withdrawals will be available. The current amount is set at a maximum of $200 per each Contributor’s withdrawal request.
Therefore, the more app users there are, the more people will be able to use the Contributor’s Withdrawal option.
If you have a large amount of SG and cannot withdraw it all immediately with only Regular monthly withdrawals, or if you find it difficult to get to the front of the line in the Contributor’s Withdrawal slot, don't worry.
If the number of app users continues to increase, eventually, your turn will definitely come and you will be able to withdraw all your SG.
Q. How long will SocialGood, Inc. continue to buy back SG from the market (buybacks)? Will more SG be issued?
A. We believe that the key to maintaining the SocialGood Ecosystem is ensuring that the SG price continues to steadily rise. As long as our business continues, our buybacks will continue on a semi-permanent basis. Our system to raise the price of SG is by gradually reducing the amount of SG in market circulation. Therefore, as a general rule, no new SG will be issued. This system has been patented by SocialGood, Inc. worldwide. Read more about our Patented Buyback System here.
Q. SocialGood is are giving users SG worth 100% of their purchase total, which would seem to exceed the advertising revenue from the partnered sites. Is this sustainable as a business?
A. Even if we give out SG worth 100% of the purchase amount, the system as a whole only allows users to withdraw SG bought back from the market at a maximum of 50% of our revenue. Thus, the business is sustainable because we only buy back within our revenue.
In addition, statistics to date indicate show that 83% of SocialGood App users choose not to withdraw the SG they have been given in the short term. Therefore, it is mainly the Contributors who will take out the amount that is allowed to be withdrawn.
The more contributors are active and increase the number of shoppers via the app, the more withdrawals will be allowed, and eventually all users will be able to withdraw. This system has been patented by SocialGood, Inc. worldwide. Read more about our Patented Buyback System here.