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Scholar Coin holders on STC Pockets ought to hurry as much as get their tokens redeemed. The workforce behind the mission retains informing customers in regards to the developments within the redemption course of and accessible choices.
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 levels scheduled for a complete of 5 years.
The primary and second deadlines for redeeming tokens inside the STC pockets (robotically) 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 workforce. 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 major function 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 speedy progress and spectacular valuations, the STC token confronted a difficult setting. Financial turmoil, business scandals, and regulatory uncertainty dampened its momentum. Regardless of navigating these stormy waters, the Scholar Coin workforce remained devoted. They launched new initiatives, refined present merchandise, and prioritized person safety throughout main crypto collapses like Luna, UST, FTX, Genesis, and Celsius.
Nonetheless, holding the very best pursuits of the neighborhood at coronary heart, the Scholar Coin workforce has made the troublesome determination to sundown the STC token and associated tasks, together with the STC Terminal, STC College, and others.
Supply: StudentCoin.org
After winding down the STC ecosystem, the workforce shifted its consideration to creating new tasks, with a particular give attention to Coinpaper. The crypto information outlet has been experiencing important progress, with a powerful month-to-month person improve price of almost 19.75%, suggesting a vivid future forward.
Easy methods to keep knowledgeable in regards to the STC redemption course of?
All through the mission, the STC workforce prioritized transparency and accountable method to dealing with person funds. Customers can keep knowledgeable in regards to the developments of the redemption course of by following the mission’s web site StudentCoin.org and Twitter. The workforce 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 workforce have already been burned. Moreover, between Might 30 and June 15, the tokens have been delisted from KuCoin, ProBit International, HitBTC, and all remaining centralized exchanges. The mission additionally closed its Telegram chat.
The workforce has been repeatedly reminding customers about deadlines for STC redemption levels and serving to them navigate the method. The redemption costs vary between $0.006 and $0.0137 per token and fluctuate based mostly on explicit accounts’ buy historical past and exercise. This method 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, 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. Yow will discover extra particulars at StudentCoin.org.
The final and longest-lasting redemption choice, 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 really helpful for low STC volumes resulting from safety causes and attainable liquidity limitations. It entails depositing tokens right into a Metamask pockets and changing them to USDC by way of a related pool at Uniswap decentralized alternate.
As a substitute, really helpful for bigger quantities, you should utilize an on-chain burn process by merely sending all of your STC tokens to the burn handle https://etherscan.io/handle/0x000000000000000000000000000000000000dead straight out of your self-custody pockets. In return, you’ll obtain an sufficient worth in USDC transferred to you by the STC workforce. You possibly can learn the complete process at studentcoin.org.
The method is totally clear, as all blockchain transactions are seen. As soon as the deadline has handed, all STC tokens will probably be burned anyway. The utmost ready time for a refund within the case of an on-chain burn process is three months.
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