The first and second deadlines for redeeming tokens throughout the STC pockets (robotically) and thru centralized exchanges have already handed in June. The third stage, set to finish on October 9, 2024, entails submitting a Redemption Request and requires direct contact with the Student Coin group. The ultimate part, which can proceed till April 9, 2029, permits customers to promote their tokens on-chain.
What is Student Coin, and why is it shutting down?
Student Coin was launched in 2019 by a bunch of scholars from Kozminski University, a Polish enterprise college. The venture’s main objective was to discover blockchain capabilities and encourage academia to embrace crypto applied sciences. The experiment proved a hit and led to additional initiatives, together with creating the STC Wallet, launching the STC Academy, and, lastly, establishing Coinpaper.com, at the moment one of many main crypto information portals.
After a interval of fast progress and spectacular valuations, the STC token confronted a difficult surroundings. Economic turmoil, trade scandals, and regulatory uncertainty dampened its momentum. Despite navigating these stormy waters, the Student Coin group remained devoted. They launched new initiatives, refined present merchandise, and prioritized person safety throughout main crypto collapses like Luna, UST, FTX, Genesis, and Celsius.
However, protecting the perfect pursuits of the group at coronary heart, the Student Coin group has made the tough choice to sundown the STC token and associated initiatives, together with the STC Terminal, STC University, and others.
After winding down the STC ecosystem, the group shifted its consideration to growing new initiatives, with a particular concentrate on Coinpaper. The crypto information outlet has been experiencing vital progress, with a formidable month-to-month person enhance price of almost 19.75%, suggesting a vivid future forward.
How to remain knowledgeable concerning the STC redemption course of?
Throughout the venture, the STC group prioritized transparency and accountable method to dealing with person funds. Users can keep knowledgeable concerning the developments of the redemption course of by following the venture’s web site StudentCoin.org and Twitter.The group maintains direct contact with followers and posts frequent updates.
According to current bulletins, 82,86% of the STC whole provide and 100% of the tokens held by the group have already been burned. Additionally, between May 30 and June 15, the tokens had been delisted from KuCoin, ProBit Global, HitBTC, and all remaining centralized exchanges. The venture additionally closed its Telegram chat.
The group has been constantly reminding customers about deadlines for STC redemption levels and serving to them navigate the method. The redemption costs vary between $0.006 and $0.0137 per token and fluctuate primarily based on explicit accounts’ buy historical past and exercise. This method goals to reward loyal customers, long-term holders, Premium Program members, and direct purchases through STC Wallet.
How can I redeem my STC tokens?
The guide STC Wallet Redemption through OTC Redemption request, out there till October 9, 2024, requires present process KYC/KYB procedures and AML checks, in addition to submitting paperwork that show the supply of funds and supply of wealth. You can discover extra particulars at StudentCoin.org.
The final and longest-lasting redemption possibility, out there till 9 April 2029, entails an on-chain operation and permits two approaches:
– Uniswap V3 to USDC transaction,
– on-chain burn process.
The Uniswap transaction is beneficial for low STC volumes on account of safety causes and doable liquidity limitations. It entails depositing tokens right into a Metamask pockets and changing them to USDC by a related pool at Uniswap decentralized alternate.
As an alternate, beneficial for bigger quantities, you need to use an on-chain burn process by merely sending all of your STC tokens to the burn tackle https://etherscan.io/address/0x000000000000000000000000000000000000useless instantly out of your self-custody pockets. In return, you’ll obtain an ample worth in USDC transferred to you by the STC group. You can learn the complete process at studentcoin.org.
The course of is totally clear, as all blockchain transactions are seen. Once the deadline has handed, all STC tokens shall be burned anyway. The most ready time for a refund within the case of an on-chain burn process is three months.
