Attention, Student Coin holders using the STC Wallet! Time is running out to redeem your tokens, so act quickly. The project team has been keeping users informed about the redemption process and available options.
The countdown has begun for Student Coin holders. Users of the STC Wallet have less than three months left to redeem their tokens. The redemption process started on April 9 of this year and is divided into several stages spread over a period of five years.
The first and second deadlines for redeeming tokens within the STC Wallet and through centralized exchanges have already passed in June. The third stage, which ends on October 9, 2024, requires users to submit a Redemption Request and directly contact the Student Coin team. The final phase, which lasts until April 9, 2029, allows users to sell their tokens on-chain.
But what exactly is Student Coin, and why is it shutting down? Student Coin was launched in 2019 by a group of students from Kozminski University, a Polish business school. The project aimed to explore the capabilities of blockchain technology and inspire academia to embrace cryptocurrencies. The experiment was successful and led to the creation of the STC Wallet, the launch of the STC Academy, and the establishment of Coinpaper.com, a leading crypto news portal.
Despite facing challenges such as economic turmoil, industry scandals, and regulatory uncertainty, the STC token and the Student Coin team persevered. They launched new initiatives, improved existing products, and prioritized user protection during major crypto collapses. However, in the best interest of the community, the Student Coin team has made the difficult decision to sunset the STC token and related projects, including the STC Terminal and STC University.
After winding down the STC ecosystem, the team has shifted their focus to developing new projects, with a special emphasis on Coinpaper. This crypto news outlet has been experiencing significant growth, with a monthly increase rate of nearly 19.75%, indicating a promising future.
To stay informed about the STC redemption process, users can follow the project’s website StudentCoin.org and Twitter. The team maintains direct contact with followers and provides frequent updates.
Recent announcements reveal that 82.86% of the STC total supply and 100% of the tokens held by the team have already been burned. Additionally, the tokens were delisted from various centralized exchanges between May 30 and June 15. The project also closed its Telegram chat.
The team has consistently reminded users about the deadlines for the STC redemption stages and has been assisting them throughout the process. The redemption prices range between $0.006 and $0.0137 per token, depending on the purchase history and activity of individual accounts. This approach aims to reward loyal users, long-term holders, Premium Program members, and those who made direct purchases via the STC Wallet.
So, how can you redeem your STC tokens? The manual STC Wallet Redemption via OTC Redemption request, available until October 9, 2024, requires undergoing KYC/KYB procedures and AML checks. You will also need to submit documents that prove the source of funds and source of wealth. More details can be found on StudentCoin.org.
The last and longest-lasting redemption option, available until April 9, 2029, involves an on-chain operation and offers two approaches: Uniswap V3 to USDC transaction and on-chain burn procedure.
For smaller STC volumes, it is recommended to use the Uniswap transaction due to security reasons and potential liquidity limitations. This involves depositing tokens into a Metamask wallet and converting them to USDC through the relevant pool at Uniswap decentralized exchange.
Alternatively, for larger amounts, you can opt for the on-chain burn procedure. Simply send all your STC tokens directly from your self-custody wallet to the burn address https://etherscan.io/address/0x000000000000000000000000000000000000dead. In return, the STC team will transfer an equivalent value in USDC to you. The full procedure can be found on studentcoin.org.
The process is fully transparent as all blockchain transactions are visible. After the deadline has passed, all STC tokens will be burned. The maximum waiting time for a refund in the case of an on-chain burn procedure is three months.
