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Fees
The GoodGhosting platform wants to encourage players to create the good habit of saving towards a personal goal. However, we understand that personal goals can change or emergencies can happen where you need immediate access to your funds!
Our smart contract allows players to exit the game and withdraw their funds at any time before the end of the game. In the user interface this is done by clicking on the "Withdraw Early" button.
However, when a player decides to withdraw early, the player automatically forfeits any earned rewards and pays an "early withdrawal fee" to the saving pool. This fee compensates the remaining players in the pool (for the loss in rewards). The fee is left into the saving pool, and is distributed between all winning players at the end of the game.
Note: If a player waits until the end of the game to withdraw, he doesn't have to pay any fee to withdraw.
How much is the early withdrawal fee?
Typically it is set at 1% of the total amount of funds that were deposited by a player.
Example
Chad deposited 100 DAI into a GoodGhosting saving pool, with an early withdrawal fee of 1%.
Chad wants to leave the game early, so he calls the
earlyWithdraw() function on the smart contract. He immediately gets back 99 DAI, while 1 DAI stays in the saving pool.
At the end of the game, the 1 DAI gets split between all winning players.
The exact early withdrawal fee percentage can differ between games. It is defined before the game starts, but cannot be changed once the game has started. Technically, the early withdrawal fee is defined in the smart contract's constructor during the deployment to the blockchain. The fee is immutable, meaning it cannot be changed after the contract is deployed.
Our services are mostly free, but for some GoodGhosting v2 pools, we charge a performance fee on the rewards generated by the savings pool. This fee is also known as an admin fee. The fee percentage is set during the deployment of the smart contract, and can be found with the
adminFee function. It cannot be changed retroactively.
The fee is only applied to the totalGameInterest and rewardTokens generated by the savings pool strategy. And not to the initial deposits (totalGamePrincipal) or any additional incentive tokens that we might add to the pool (defined by the incentiveToken function). This means that the fee will only be charged if the pool is profitable.
We do not charge any management fees.
You can check whether a performance fee is active by reading
adminFee in the smart contract, or more easily by navigating to the "Admin" tab in the user interface.
Example of the 'Admin' tab, where you can find whether a specific savings pool has a performance fee enabled.
In the future, we may offer the ability to create your own fully configurable saving pool for a small fee.
The more complex the execution is, the higher this transaction fee. The fee is used to ensure the network keeps on running safely. Luckily, the transaction fees on Polygon and Celo are very low in comparison to other blockchain networks (such as Ethereum or Bitcoin).
At the time of writing, you can complete a full GoodGhosting game for less than $0.005 worth of CELO tokens.
Last modified 1yr ago