The clock is ticking for Student Coin holders. The STC Wallet users have less than three months to redeem their tokens. The redemption process was launched on April 9 this year, with several stages scheduled for a total of five years.
The first and second deadlines for redeeming tokens within the STC wallet (automatically) and through centralized exchanges have already passed in June. The third stage, set to end on October 9, 2024, involves submitting a Redemption Request and requires direct contact with the Student Coin team. The final phase, which will continue until April 9, 2029, allows users to sell their tokens on-chain.
What 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’s primary purpose was to explore blockchain capabilities and inspire academia to embrace crypto technologies. The experiment proved a success and led to further initiatives, including creating the STC Wallet, launching the STC Academy, and, finally, establishing Coinpaper.com, currently one of the leading crypto news portals.
After a period of rapid growth and impressive valuations, the STC token faced a challenging environment. Economic turmoil, industry scandals, and regulatory uncertainty dampened its momentum. Despite navigating these stormy waters, the Student Coin team remained dedicated. They launched new initiatives, refined existing products, and prioritized user protection during major crypto collapses like Luna, UST, FTX, Genesis, and Celsius.
However, keeping the best interests of the community at heart, the Student Coin team has made the difficult decision to sunset the STC token and related projects, including the STC Terminal, STC University, and others.
STC Token Price Chart, source: StudentCoin.org
After winding down the STC ecosystem, the team shifted its attention to developing new projects, with a special focus on Coinpaper. The crypto news outlet has been experiencing significant growth, with an impressive monthly user increase rate of nearly 19.75%, suggesting a bright future ahead.
How to stay informed about the STC redemption process?
Throughout the project, the STC team prioritized transparency and responsible approach to handling user funds. Users can stay informed about the developments of the redemption process by following the project’s website StudentCoin.org and Twitter. The team maintains direct contact with followers and posts frequent updates.
According to recent announcements, 82,86% of the STC total supply and 100% of the tokens held by the team have already been burned. Additionally, between May 30 and June 15, the tokens were delisted from KuCoin, ProBit Global, HitBTC, and all remaining centralized exchanges. The project also closed its Telegram chat.
The team has been continuously reminding users about deadlines for STC redemption stages and helping them navigate the process. The redemption prices range between $0.006 and $0.0137 per token and vary based on particular accounts’ purchase history and activity. This approach aims to reward loyal users, long-term holders, Premium Program members, and direct purchases via STC Wallet.
How can I redeem my STC tokens?
The manual STC Wallet Redemption via OTC Redemption request, available until October 9, 2024, requires undergoing KYC/KYB procedures and AML checks, as well as submitting documents that prove the source of funds and source of wealth. You can find more details at StudentCoin.org.
The last and longest-lasting redemption option, available until 9 April 2029, involves an on-chain operation and allows two approaches:
– Uniswap V3 to USDC transaction,
– on-chain burn procedure.
The Uniswap transaction is recommended for low STC volumes due to security reasons and possible liquidity limitations. It involves depositing tokens into a Metamask wallet and converting them to USDC through a relevant pool at Uniswap decentralized exchange.
As an alternative, recommended for larger amounts, you can use an on-chain burn procedure by simply sending all your STC tokens to the burn address https://etherscan.io/address/0x000000000000000000000000000000000000dead directly from your self-custody wallet. In return, you’ll receive an adequate value in USDC transferred to you by the STC team. You can read the full procedure at studentcoin.org.
The process is fully transparent, as all blockchain transactions are visible. Once the deadline has passed, all STC tokens will be burned anyway. The maximum waiting time for a refund in the case of an on-chain burn procedure is three months.
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