The clock is ticking for Scholar Coin holders. The STC Pockets customers have lower than three months to redeem their tokens. The redemption course of was launched on April 9 this yr, with a number of phases scheduled for a complete of 5 years.
The primary and second deadlines for redeeming tokens inside the STC pockets (routinely) and thru centralized exchanges have already handed in June. The third stage, set to finish on October 9, 2024, includes submitting a Redemption Request and requires direct contact with the Scholar Coin group. The ultimate part, which can proceed till April 9, 2029, permits customers to promote their tokens on-chain.
What’s Scholar Coin, and why is it shutting down?
Scholar Coin was launched in 2019 by a bunch of scholars from Kozminski College, a Polish enterprise faculty. The undertaking’s major 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 Pockets, launching the STC Academy, and, lastly, establishing Coinpaper.com, at present one of many main crypto information portals.
After a interval of fast development and spectacular valuations, the STC token confronted a difficult setting. Financial turmoil, trade scandals, and regulatory uncertainty dampened its momentum. Regardless of navigating these stormy waters, the Scholar Coin group remained devoted. They launched new initiatives, refined present merchandise, and prioritized consumer safety throughout main crypto collapses like Luna, UST, FTX, Genesis, and Celsius.
Nevertheless, maintaining one of the best pursuits of the neighborhood at coronary heart, the Scholar Coin group has made the troublesome resolution to sundown the STC token and associated tasks, together with the STC Terminal, STC College, and others.
STC Token Worth Chart, supply: StudentCoin.org
After winding down the STC ecosystem, the group shifted its consideration to creating new tasks, with a particular concentrate on Coinpaper. The crypto information outlet has been experiencing important development, with a formidable month-to-month consumer improve price of practically 19.75%, suggesting a shiny future forward.
Tips on how to keep knowledgeable in regards to the STC redemption course of?
All through the undertaking, the STC group prioritized transparency and accountable strategy to dealing with consumer funds. Customers can keep knowledgeable in regards to the developments of the redemption course of by following the undertaking’s web site StudentCoin.org and Twitter. The group maintains direct contact with followers and posts frequent updates.
In response to latest bulletins, 82,86% of the STC complete provide and 100% of the tokens held by the group have already been burned. Moreover, between Might 30 and June 15, the tokens had been delisted from KuCoin, ProBit International, HitBTC, and all remaining centralized exchanges. The undertaking additionally closed its Telegram chat.
The group has been repeatedly reminding customers about deadlines for STC redemption phases and serving to them navigate the method. The redemption costs vary between $0.006 and $0.0137 per token and differ based mostly on explicit accounts’ buy historical past and exercise. This strategy goals to reward loyal customers, long-term holders, Premium Program members, and direct purchases by way of STC Pockets.
How can I redeem my STC tokens?
The guide STC Pockets Redemption by way of OTC Redemption request, obtainable 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 could find extra particulars at StudentCoin.org.
The final and longest-lasting redemption choice, obtainable till 9 April 2029, includes 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 as a consequence of safety causes and attainable liquidity limitations. It includes depositing tokens right into a Metamask pockets and changing them to USDC by means of a related pool at Uniswap decentralized trade.
Instead, beneficial for bigger quantities, you should use an on-chain burn process by merely sending all of your STC tokens to the burn tackle https://etherscan.io/tackle/0x000000000000000000000000000000000000dead straight out of your self-custody pockets. In return, you’ll obtain an enough worth in USDC transferred to you by the STC group. You’ll be able to learn the complete process at studentcoin.org.
The method is absolutely clear, as all blockchain transactions are seen. As soon as the deadline has handed, all STC tokens can be burned anyway. The utmost ready time for a refund within the case of an on-chain burn process is three months.
