Student Coin, the blockchain ecosystem founded in 2019 by students who are enthusiasts of blockchain technology, announces the closure of the project and begins the process of token redemption. The team is devoting all remaining funds to buy back all of the circulating $STC tokens from holders. This decision is prompted by the project's full transparency and is motivated by the tough challenges it has dealt with over the past years.
A brief history of the project
Founded in 2019, the project was called "ALK Token", its goal was to explore blockchain applications as well as educate and inform through practical activities. From the very beginning, the project was successful, managing to conduct the first airdrop to students from more than 500 universities around the world, which was received by more than 15,000 students.
This was followed by the creation of special educational platforms like STC Academy, providing free materials for those willing to learn about blockchain technology. In the next stage, the team decided to launch STC Launchpad, expand its own STC Wallet, and put up STC Terminal, allowing the creation of their own tokens based on ERC-20.
What has been achieved
The project managed to build a committed community of more than 300,000 users, list the project on major exchanges like KuCoin, generate hundreds of millions of impressions on ads. The biggest goal of the project, i.e. the educational aspects, was also achieved, Student Coin created more than 2,000 pages of educational content, more than 50+ hours of videos were prepared, educational materials reached more than 210,000 people worldwide.
In addition to the technical solutions prepared by the team, such as STC Wallet and STC Terminal, to meet expectations and see the market gap, an information portal, Coinpaper.com, was launched to describe the latest news from the blockchain world.
Unrealized goals
Despite its magnificent success, the project also failed to meet certain goals. STC Terminal did not reach the expected utility scale, plans for university-backed tokens and startup launchpads encountered many problems. Legal considerations, market dynamics, and the quality of partner projects affected the project's decision.
STC Token Redemption Process
Student Coin announced the STC token redemption process on April 9. The redemption price range is between $0.006 and $0.0137 per token. The detailed pricing was determined individually for each user depending on their purchase history and activity on STC Wallet.
Deadlines for Student Coin Redemption
The $STC Token Redemption began on April 9 at 4:00 PM (UTC) and will continue for the next five years, depending on where each user keeps their tokens.
For STC Wallet Users:
June 9, 2024 (2 months from the announcement): Deadline for redeeming tokens within the STC Wallet.
October 9, 2024 (6 months from the announcement): Deadline for redeeming tokens via Redemption Request.
For Users Holding STC Outside the STC Wallet (e.g., Metamask, Coinbase Wallet, KuCoin):
October 9, 2024 (6 months from the announcement): Deadline for selling tokens at any centralized exchange such as KuCoin.
April 9, 2029 (5 years from the announcement): Deadline for selling tokens at Uniswap V3.
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If these redemption deadlines are exceeded, the tokens held in the STC wallet will be automatically burned, and the funds reserved for redemption will be used to increase the liquidity of $STC tokens and pricing on the open market.
More details on this can be found in the official announcement on studentcoin.org.
