Currently, the only option to redeem STC tokens is for those held on-chain.
Redemption prices vary between $0.006 and $0.0137 depending on each user’s profiles.
Student Coinone of the most interesting cryptocurrency projects in recent years, is closing its main operations. Unable to maintain the value of the $STC token, the team has opted for a complete buyback of the token, demonstrating unique integrity towards users. The move aims to protect the interests of the community and marks a change in the company’s direction. The team is now pursuing new goals in the media segment of the cryptocurrency industry.
Blockchain wonders surprise academia
In 2019, a group of students from Kozminski University in Warsaw (Poland) launched a project called “ALK Token”. Their goal was to explore the potential of blockchain for students and academia. What started as an experiment quickly turned into something much bigger. They started sending tokens to students. By the end of 2020, Student Coin had reached over 15,000 students from over 500 universities around the world, allowing anyone with a valid student ID to claim free tokens.
Seeing the potential, the team created the STC Academy, a comprehensive set of resources on blockchain, cryptocurrency, and personal crypto security. More sophisticated projects soon followed, such as the STC wallet, an exchange platform, the STC terminal for students to issue their own tokens, and Coinpapera cryptocurrency news site. In February 2021, STC Launchpad took off, growing the community to over 200,000 users and listing $STC tokens on major exchanges such as KuCoin and Bithumb Global.
2022 brought more innovations, such as the renovation of the STC Academy. Despite some challenges and strategy adjustments, the project continued to grow. In 2023, they launched STC University for advanced blockchain education and saw Coinpaper’s user base grow rapidly at 20% monthly.
Facing the harsh realities of cryptocurrencies
Student Coin navigated the volatile world of cryptocurrencies, protecting its funds and staying resilient to the ups and downs of the market, but the reality was harsher than expected. The STC Terminal faced significant obstacles. The vision of utility tokens for everyone collided with legal uncertainty and resistance from universities. Efforts to attract token-based startups also fell short, calling the concept of a tokenized world into question.
The STC wallet aimed to become a comprehensive exchange, but legal risks and collapse of exchanges like FTX They forced us to rethink the situation. Restoring the value of the $STC token in 2021 was another challenge. Scalability issues and bearish market sentiment hampered efforts.
Faced with these challenges, Student Coin reevaluated its strategy. The team decided to phase out most of its products, such as STC Terminal, STC Academy and University, and several others. Creating value for $STC tokens on the desired scale seemed unattainable. Instead of continuing with little hope of improvement or creating a speculative asset, the company decided to redeem the $STC tokens.
Here, you can check the historical price index of the STC token along with the main events that affect its fluctuations.
How to redeem your STC tokens?
The Student Coin token redemption began on April 9, 2024. The STC team has already completed the initial two stages of the process. The deadline to redeem tokens within the STC wallet passed on June 9 and redemption via requests is no longer available as of October 9, 2024. Please note that the STC wallet and support service are also have closed: users can no longer access these services. Support was available for six months after the announcement.
Currently, the only option to redeem is for those STC tokens held on-chain, which can be redeemed until April 9, 2029. The entire process is detailed on studentcoin.org. In short, a user can send their tokens to a burning address, after which their USDC funds will be returned to the wallet used for token burning.
The exchange prices, which vary between US$0.006 and US$0.0137, are adapted to the profiles of each user. Factors such as purchase date, token holding, and participation in programs such as the Premium Program influence the final exchange value. This tiered system rewards those who have been with the project from the beginning and have actively participated in the Student Coin ecosystem.
Users can wait up to 3 months to receive their funds after redeeming their tokens. For the Student Coin team, the process is time-consuming and requires meticulous attention to detail to avoid errors. Token holders must provide accurate and complete information to expedite the redemption process.
For more details about the project and the token redemption process, see StudentCoin.org.
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