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
The project was founded in 2019 and called “ALK Token”, its goal was to explore blockchain applications as well as educate and inform through hands-on activities. From the very beginning, the project was successful, the first landing of students from more than 500 universities from all over the world was carried out, and more than 15,000 students were accepted.
This was followed by the creation of the special educational platforms, such as STC Academy, providing free materials for those who want to learn about blockchain technology. In the next phase, the team decided to launch STC Launchpad, expand their own STC wallet and build STC Terminal, which allows to create custom ERC-20 based tokens.
What has been achieved
The project managed to build an engaged community of more than 300,000 users, list the project on major exchanges such as KuCoin, generate hundreds of millions of ad impressions. It also managed to achieve the biggest goal of the project, the educational aspects, Student Coin has created more than 2000 pages of educational content, more than 50+ hours of videos have been prepared, educational materials have reached more than 210,000 people worldwide.
In additional 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 spectacular success, the project also failed to meet certain goals. STC Terminal did not reach the expected scale, plans for university-backed tokens and launchpads ran into many problems. Decisions about the project were influenced by legal considerations, market dynamics and the quality of partner projects.
STC Token Redemption Process
Student Coin announced the STC token buyback process on April 9th. The redeeming price range is between $0.006 and $0.0137 per token. The detailed price was set 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 redemption tokens within the STC Wallet.
- October 9, 2024 (6 months from the announcement): Deadline for redemption 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): A term Deadline for selling tokens on any centralized exchange like KuCoin.
- April 9, 2029 (5 years from the announcement): A term Deadline for selling tokens at Uniswap V3.
If these redemption deadlines are exceed, then the tokens held in the STC wallet will be automatically burned and the fund reserved for redemption will be used to increase the liquidity of $STC tokens and open market prices.
Further details on this can be found in the official announcement on studentcoin.org.
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