STC Wallet users holding Student Coin tokens are urged to act promptly to redeem their holdings. The project’s team continues to update users on redemption procedures and available options.
Time is of the essence for Student Coin holders as they have less than three months left to redeem their tokens. The redemption process commenced on April 9 this year and spans five years across several stages.
The first two deadlines for automatic redemption via the STC Wallet and through centralized exchanges passed in June. The current phase, ending on October 9, 2024, requires users to submit a Redemption Request directly to the Student Coin team. The final phase extends until April 9, 2029, allowing token holders to sell their tokens on-chain.
Student Coin, initiated in 2019 by students from Kozminski University, aimed to explore blockchain potential and promote crypto adoption in academia. The project birthed the STC Wallet, the STC Academy, and Coinpaper.com, now a leading crypto news portal.
Despite initial success, economic challenges, industry controversies, and regulatory uncertainties created turbulence for the STC token. Nevertheless, the Student Coin team persevered, launching new initiatives, refining products, and safeguarding users during market downturns.
With community interests in mind, the team made the tough decision to sunset the STC token and associated projects like STC Terminal and STC University.
Following the wind-down of the STC ecosystem, the team redirected efforts to Coinpaper, which has seen substantial growth, suggesting promising prospects ahead.
For updates on the STC redemption process, users are encouraged to visit StudentCoin.org and follow the project on Twitter. The team maintains transparency by regularly communicating with followers and providing updates.
Recent announcements indicate that 82.86% of the total STC supply and all team-held tokens have been burned. The project also delisted tokens from major exchanges and closed its Telegram chat.
The team continues to remind users of redemption deadlines and assists them through the process. Redemption prices range from $0.006 to $0.0137 per token, varying based on account history and activity, aiming to reward loyal users and long-term holders.
To redeem STC tokens, users must undergo KYC/KYB and AML checks and provide proof of funds and wealth sources. Details are available on StudentCoin.org.
The longest-lasting redemption option, available until April 9, 2029, involves on-chain operations:
– Use Uniswap V3 for smaller volumes, converting tokens to USDC via Metamask.
– Opt for the on-chain burn procedure for larger amounts, transferring tokens to a burn address for USDC reimbursement.
All transactions are transparently recorded on the blockchain. Any remaining tokens will be burned post-deadline. Refunds for on-chain burns take up to three months.
For more information, visit studentcoin.org.
[Disclaimer: The opinions expressed herein are solely those of the content provider and not necessarily CoinChapter’s. Conduct your own research and invest wisely.]
