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 12 months, with a number of phases scheduled for a complete of 5 years.
The primary and second deadlines for redeeming tokens inside the STC pockets (mechanically) 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 Scholar Coin crew. The ultimate part, which is able to 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 college. The mission’s main function was to discover blockchain capabilities and encourage academia to embrace crypto applied sciences. The experiment proved successful 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 speedy 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 crew remained devoted. They launched new initiatives, refined present merchandise, and prioritized consumer safety throughout main crypto collapses like Luna, UST, FTX, Genesis, and Celsius.
Nonetheless, conserving the most effective pursuits of the group at coronary heart, the Scholar Coin crew has made the tough choice to sundown the STC token and associated tasks, together with the STC Terminal, STC College, and others.
STC Token Value Chart, supply: StudentCoin.org
After winding down the STC ecosystem, the crew shifted its consideration to growing new tasks, with a particular give attention to Coinpaper. The crypto information outlet has been experiencing important development, with a formidable month-to-month consumer enhance price of almost 19.75%, suggesting a vibrant future forward.
Easy methods to keep knowledgeable concerning the STC redemption course of?
All through the mission, the STC crew prioritized transparency and accountable strategy to dealing with consumer funds. Customers can keep knowledgeable concerning the developments of the redemption course of by following the mission’s web site StudentCoin.org and Twitter. The crew maintains direct contact with followers and posts frequent updates.
In keeping with current bulletins, 82,86% of the STC complete provide and 100% of the tokens held by the crew have already been burned. Moreover, between Could 30 and June 15, the tokens have been delisted from KuCoin, ProBit World, HitBTC, and all remaining centralized exchanges. The mission additionally closed its Telegram chat.
The crew has been constantly 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 specific 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 handbook STC Pockets Redemption by way of OTC Redemption request, accessible 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’ll find extra particulars at StudentCoin.org.
The final and longest-lasting redemption possibility, accessible 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 advisable for low STC volumes resulting from safety causes and potential liquidity limitations. It entails depositing tokens right into a Metamask pockets and changing them to USDC via a related pool at Uniswap decentralized trade.
As a substitute, advisable 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 instantly out of your self-custody pockets. In return, you’ll obtain an enough worth in USDC transferred to you by the STC crew. You may learn the total 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 might be burned anyway. The utmost ready time for a refund within the case of an on-chain burn process is three months.
