Deadline is fast approaching for STC Wallet users. Don’t forget to redeem your tokens! – DiarioBitcoin

Student Coin holders on STC Wallet should hurry up to redeem their tokens. The team behind the project continues to inform users about the evolution of the redemption process and the available options.

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The clock is ticking for Student Coins holders. 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 planned 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 expired in June. The third stage, which will 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, will allow users to sell their tokens on-chain.

What is Student Coin and why is it being shut down?

Student Coin was launched in 2019 by a group of students from Kozminski University, a Polish business school. The main goal of the project was to explore the capabilities of blockchain and inspire the academic world to adopt cryptographic technologies. The experiment proved successful and led to new initiatives, including the creation of STC Wallet, the launch of the STC Academy, and eventually the establishment of the STC Bank. Coinpaper.comcurrently a well-known cryptocurrency news portal.

After a period of rapid growth and impressive valuations, the STC token faced a challenging environment. Economic turmoil, industrial scandals, and regulatory uncertainty slowed 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 crashes like Luna, UST, FTX, Genesis, and Celsius.

However, with the best interests of the community in mind, the Student Coin team has made the difficult decision to suspend the STC token and related projects including STC Terminal, STC University, and others.

After closing the STC ecosystem, the team turned its attention to developing new projects, with a particular focus on Coinpaper. The cryptocurrency news outlet has seen significant growth, with an impressive monthly user increase rate of almost 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 a responsible approach to handling user funds. Users can stay informed about the evolution of the redemption process by following the project website. StudentCoin.org and TwitterThe team maintains direct contact with fans and posts frequent updates.

According to recent announcements, 82.86% of the total STC supply and 100% of the tokens held by the team have already been burned. Furthermore, between May 30 and June 15, tokens were delisted from KuCoin, ProBit Global, HitBTC, and all remaining centralized exchanges. exchangesThe project also closed its Telegram chat.

The team has been continuously reminding users about the deadlines for STC redemption stages and helping them navigate the process. Redemption prices range from USD $0.006 and USD $0.0137 per token and vary based on purchase history and activity of particular accounts. This approach aims to reward loyal users, long-term holders, Premium Program members, and direct purchases through STC Wallet.

How can I redeem my STC tokens?

The request for manual STC wallet redemption via OTC redemption, available until October 9, 2024, requires undergoing KYC/KYB procedures and AML checks, as well as submitting documents proving the source of funds and the source of wealth. More details can be found at StudentCoin.org.

The last and longest-lasting redemption option, available until April 9, 2029, involves an on-chain transaction and allows for two approaches:

• Uniswap V3 to USDC transaction,
• chain burning procedure.

Uniswap trading is recommended for low STC volumes due to security reasons and potential liquidity constraints. It involves depositing tokens into a Metamask wallet and converting them to USDC via a relevant pool on the Uniswap decentralized exchange.

Alternatively, 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/0x000000000000000000000000000000000000000000dead directly from your self-custody wallet. In return, you will receive an appropriate value in USDC transferred by the STC team. You can read the full procedure at studentcoin.org.

The process is completely 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.

Press release

Disclaimer: This is a press release produced by the team at Student Coins, hence Bitcoin Diary does not endorse or promote any of the commercial offers mentioned in the text.

Text and image by Student Coins

WARNING: This is an informative article. DiarioBitcoin is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that investments in cryptoassets are not regulated in some countries. They may not be appropriate for retail investors, as the total amount invested could be lost. Check the laws of your country before investing.