How do I earn staking rewards?
After activating your Membership, you will automatically earn staking rewards for the SocialGood (SG) tokens held inside your SocialGood App and in your connected wallet (Metamask, etc.).
How can I level up to receive more staking rewards?
Your level is determined by the amount of SG that you hold and the total amount you have shopped for via the SocialGood App in the past two months. The more you shop via the app and the more SG you hold, the higher your staking rewards will be.
Note: "Staking" is the total amount of Approved SG you hold (the total of your SG in the app and inside of your wallet connected to the app). "2-Month Crypto Back Shopping" is the cumulative total of your purchase amount via the SocialGood App in the past 2 months, including Pending and Approved SG.
There are 5 staking levels: Bronze, Silver, Gold, Platinum, and Diamond.
Your membership rank is recalculated every 6 hours, and the staking rewards for your current level will be added to your SocialGood App. You can receive compound interest, because your staking bonus will be calculated based on the total amount of SG you hold, including previously earned SG from staking. Also, Approved SG inside of the SocialGood App is calculated in the total staked SG at an increase of 3%, so SG inside of the app earns more rewards than SG in your connect wallet.
- Diamond (15% APY)
-You have shopped for a total worth at least $100,000 USD in the past 2 months via the app
- You are holding at least 250,000 SG
- Platinum (10% APY)
-You have shopped for a total worth at least $2,000 USD in the past 2 months via the app
- You are holding at least 10,000 SG
- Gold (7% APY)
-You have shopped for a total worth at least $1,200 USD in the past 2 months via the app
- You are holding at least 2,500 SG AND you have have shopped for a total worth at least $0.01 USD in the past 2 months via the app
- Silver (4% APY)
-You have shopped for a total worth at least $0.01 USD in the past 2 months via the app
- You are holding at least 2,500 SG
- Bronze (1% APY)
This is the basic level for all SocialGood App users.
How to connect your wallet to receive staking rewards for your SG outside of the app: How to Connect your Wallet to the SocialGood App
*The staking rewards are usually recalculated and sent every 6 hours. There may be some circumstances in which the staking rewards may not be sent every 6 hours. In that case, the unsent rewards will be added together with the next staking bonus you receive.
*"Staking" = Approved SG inside the SocialGood App x 1.03 + SG inside of connected wallet + Staking Rewards.
*The "2-Month Crypto Back Shopping" total is calculated based on the information provided to SocialGood, Inc. by the stores. In the case that the information is not provided, the purchase amount will be estimated at the SocialGood Team's discretion. Because of this, we ask for your understanding that the purchase amount may not perfectly match up with the actual amount of your purchases.
*Subject to change without prior notice.