What is FOLO Balance?

Ready to cash in on your Alpha Impact efforts? FOLO Balance lets you convert your hard-earned FOLO Points into instant cash.

FOLO Points vs. FOLO Balance: What’s the Difference?

While both FOLO Points and FOLO Balance empower you to subscribe to top traders and boosting social posts, they have distinct purposes:

• FOLO Points: These in-app points are earned by actively engaging on the platform, such as setting up your profile, engaging on our in-app social feed, and monetising your insights.
• FOLO Balance: The digital cash value of your FOLO Points and can be withdrawn for instant rewards. As of 3 Dec, 2024, FOLO Points can be converted to FOLO Balance at a 10:1 ratio. T&C apply.

How to Withdraw?

• Step 1: Go to your Alpha Impact Wallet and click “On-Chain Wallet”.

• Step 2: Copy your deposit addresses for Ethereum Mainnet (ERC20) and Polygon (PoS). Do note that Ethereum offers a wider network but higher fees, while Polygon provides faster transactions at lower costs.

• Step 3: For security reasons, you’ll need two-factor authentication (2FA) before withdrawing FOLO Balance. Go to your Profile Settings and enable 2FA using your Google Authenticator or third-party verification app.

• Step 4: Click the “Withdraw” button. Enter your deposit address* and select the corresponding network.

*Do note that you can only purchase/withdraw FOLO on Ethereum and FOLO(PoS) on Polygon. 

• Step 5: Enter your desired amount of FOLO Balance to withdraw. Your request will typically be processed within 1-2 weeks!

Note: Withdrawal fees vary based on the network. Ethereum incurs a transaction fee of 6000 FOLO, whilst Polygon’s fee is at 1500 FOLO.

FOLO Balance, FOLO Points, and FOLO Token: A Quick Overview

• FOLO Balance: The cash value of your FOLO Points and is off-chain until withdrawn. Use them to access exclusive platform features, such as subscribing to top traders, boosting social posts, and withdraw them for instant rewards.
• FOLO Points: In-app rewards earned through active participation. Use them to access exclusive platform features, such as subscribing to top traders, boosting social posts, and more.
• FOLO Token: The native cryptocurrency of the Alpha Impact ecosystem. You can purchase FOLO on Ethereum Mainnet (ERC20) and FOLO (PoS)* for Polygon (PoS). For more information on how to purchase and deposit FOLO, check out our guide here.

*As of 4 Sep 2024, POL has replaced MATIC as the native gas and staking token for Polygon PoS. Both MATIC and POL refer to the same thing.

Disclaimer: Always verify the deposit address to avoid irreversible loss of funds. Alpha Impact is not responsible for lost funds due to incorrect transactions.

Ready to Cash In?

Start earning and withdrawing your rewards today!

FOLO Balance FAQ

1. What is FOLO Balance?

• FOLO Balance is a digital representation of how much you can withdraw your FOLO Points for. It is off-chain and distinct from the main FOLO Token.

2. How do I earn FOLO Points?

• You earn FOLO Points by actively participating on the Alpha Impact platform, such as setting up your profile, engaging on our in-app social feed, and monetising your insights. Check out our guide for more.

3. How do I convert FOLO Points to Balance?

• Navigate to your Alpha Impact Wallet and convert your FOLO Points to FOLO Balance. Note the minimum conversion limit of 3,000 FOLO Points per transaction and the monthly cap of 10,000 FOLO Points. Please refer to our guide for more.

4. How do I withdraw FOLO Balance?  

• To withdraw, enable your on-chain wallet, set up 2FA, and provide your MetaMask deposit address in the withdrawal request.

5. What are the different withdrawal fees?

• Withdrawing FOLO to Ethereum Mainnet incurs a fee of 6,000 FOLO, while withdrawing FOLO(PoS) to Polygon costs 1,500 FOLO. Consider the trade-off between Ethereum’s wider network and higher fees, and Polygon’s faster transactions at lower fees.

6. Can I withdraw directly to my bank account?

• No, withdrawals are only possible to an on-chain wallet like MetaMask.

7. How long does it take for a withdrawal to process?

• While processing times can vary due to network congestion, withdrawals typically take around 1-2 weeks.

8. What happens if I encounter issues during the withdrawal process?

• If you encounter any issues, you can contact the Alpha Impact support team here for assistance.

About Alpha Impact

Alpha Impact tokenises access to interoperable real-world signals. We help traders to generate alpha and make impactful decisions.

Our non-custodial platform provides real-time copy trading, comprehensive cross-exchange portfolio and risk management, and empowers creators to monetise their expertise through a social community.

Learn more about Alpha Impact’s products and services here: https://alphaimpact.fi. 

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