STC Wallet Holders Have Under 90 Days to Claim Their Tokens
Holders of Student Coin on the STC Wallet need to act swiftly to redeem their tokens as the project team is regularly updating users on the progress of the redemption process and the available options.
Time is running out for Student Coin holders using the STC Wallet, as they have less than three months left to redeem their tokens. The redemption process commenced on April 9 this year and is planned to span five years with multiple stages.
The first and second deadlines for token redemption within the STC wallet (automatically) and through centralized exchanges have already passed in June. The third stage, concluding on October 9, 2024, requires users to submit a Redemption Request and establish direct contact with the Student Coin team. The final phase, scheduled to run until April 9, 2029, permits users to sell their tokens on-chain.
Student Coin, founded in 2019 by a group of students from Kozminski University, aimed to explore the potential of blockchain and encourage academia to embrace cryptocurrency technologies. The project’s success led to the development of the STC Wallet, the introduction of the STC Academy, and the establishment of Coinpaper.com, now a prominent crypto news platform.
Despite facing challenges like economic instability, industry scandals, and regulatory ambiguity, the STC token persevered. The Student Coin team continued to innovate, enhance existing products, and prioritize user security, especially during market downturns involving Luna, UST, FTX, Genesis, and Celsius.
However, prioritizing the community’s welfare, the Student Coin team decided to discontinue the STC token and associated projects such as the STC Terminal and STC University.
Following the conclusion of the STC ecosystem, the team shifted focus to new ventures, particularly enhancing Coinpaper, which has seen substantial growth and is projected to have a promising future.
For updates on the STC redemption process, users should regularly visit the project’s website, StudentCoin.org, and follow their Twitter for the latest announcements. The team maintains direct communication with followers and provides frequent progress updates.
As per recent statements, 82.86% of the total STC supply and all team-held tokens have been burnt. STC tokens were delisted from various exchanges between May 30 and June 15, and the project shut down its Telegram chat.
The team continues to remind users about upcoming deadlines for the STC redemption stages and assists them through the process. Redemption prices range between $0.006 and $0.0137 per token, varying based on user account history and activity to reward loyal users, long-term holders, Premium Program members, and direct purchases via the STC Wallet.
To redeem STC tokens, users can utilize the manual STC Wallet Redemption via OTC Redemption request until October 9, 2024, involving KYC/KYB procedures, AML checks, and providing documents to verify the source of funds and wealth.
Alternatively, the on-chain redemption option, available until April 9, 2029, offers two methods: Uniswap V3 to USDC transaction for lower volumes and an on-chain burn procedure for larger amounts. The Uniswap transaction involves depositing tokens into a Metamask wallet and converting them to USDC via a relevant Uniswap pool, emphasizing security and liquidity limitations.
For larger amounts, users can opt for the on-chain burn procedure by transferring all STC tokens to the burn address directly from their self-custody wallet. In return, users will receive an equivalent value in USDC from the STC team. The process guarantees transparency, with all blockchain transactions visible, and unclaimed STC tokens will eventually be burned after the deadline. The maximum waiting time for a refund in the on-chain burn process is three months.