Users who choose to withdraw their Approved SG must pay an amount equivalent to the withdrawal fee with in-app payment.
This withdrawal fee covers the following two types of fees:
- Network Fee
- Handling Fee
- Network Fee
The network fee is the fee required to send SG to users via the Ethereum network.
(For reference:
Ethereum network: https://etherscan.io/gastracker
Polygon network: https://polygonscan.com/gastracker) - Handling Fee
The SocialGood App will charge a total of 30% of the amount withdrawn by the user to cover handling costs.
For all SG (Approved SG, Pending SG) held by users prior to the release of this feature (09:30:00 UTC on May 30, 2022), an amount equivalent to the handling fee has been given to users as a special Withdrawal Fee Coverage bonus. For details about the Withdrawal Fee Coverage bonus, please see here: https://socialgood.zendesk.com/hc/en-us/articles/6256537308825
*The Withdrawal Fee is calculated as the Network Fee + Handling Fee, but in the case that the rate of Withdrawal Fee and in-app billing fee cannot match exactly, we will calculate the in-app billing fee using the lowest possible in-app billing fee that is still greater than the Withdrawal Fee. For fiat currencies other than the U.S. dollar, the in-app billing fee will be converted into the user’s local currency using the exchange rate calculated independently by Apple and Google.