New York, United States of America, October twenty ninth, 2024, Chainwire
Scholar Coin, an academic crypto undertaking established in 2019, has initiated a structured token redemption course of following the choice to wind down its main operations. This transfer goals to guard the pursuits of STC token holders because the staff transitions its focus in the direction of new ventures.
Initially launched by undergraduates from Kozminski College in Warsaw, Poland, Scholar Coin started as a student-focused initiative to discover blockchain functions in academia. The undertaking shortly expanded, reaching over 15,000 college students at greater than 500 universities by the top of 2020. All through its improvement, Scholar Coin launched varied merchandise, together with the STC Pockets, STC Terminal, STC Academy, and Coinpaper, which supported blockchain schooling and fostered neighborhood engagement.
Following the success of its 2021 STC Launchpad, the undertaking skilled continued progress, culminating in a consumer base of over 200,000. Nonetheless, because the crypto market advanced, the staff confronted challenges starting from authorized obstacles and college resistance to the collapse of main exchanges, all of which impacted its operational outlook.
Challenges and Strategic Reassessment
Regardless of important milestones, Scholar Coin encountered mounting difficulties in reaching its objectives. Efforts to scale the STC Pockets as a multi-functional trade confronted authorized dangers, and the collapse of exchanges like FTX compelled a rethink. Makes an attempt to broaden the STC Terminal had been met with resistance from establishments cautious of token-based functions. By 2023, it turned evident that scaling $STC to satisfy its desired utility and market worth was more and more tough.
After cautious consideration, the Scholar Coin staff opted to section out merchandise such because the STC Terminal, STC Academy, and different initiatives. This resolution displays the corporate’s intention to behave responsibly by redeeming $STC tokens as an alternative of continuous with restricted prospects for progress.
The choice was made to distribute all remaining undertaking funds between token holders, guaranteeing that everybody receives truthful compensation based mostly on their scenario when the token is wound down.
The established redemption costs vary between $0.006 and $0.0137 per STC Token and are tailor-made to particular person consumer profiles. Components comparable to buy worth, buy date, token holdings, and participation in applications just like the Premium Program affect the ultimate redemption worth. This tiered system rewards those that have been with the undertaking from the beginning and actively engaged with the Scholar Coin ecosystem.
STC Token Redemption Course of
Scholar Coin’s token redemption program started on April 9, 2024, with an preliminary window for STC Pockets customers that closed on June 9. An extra deadline for redeeming tokens by way of redemption request on October 9, 2024, marks the closure of the STC Pockets, whereas on-chain token holders have time till April 9, 2029, to redeem their tokens. This prolonged timeline accommodates the shutdown of on-chain assist and ensures ample alternative for token holders to finish the redemption course of.
On-chain holders can switch tokens to a delegated burn tackle. Customers ought to anticipate a processing time of as much as three months to obtain the USDC again to the tackle.
Keep in mind that USDC can solely be despatched to the tackle that burned $STC. Customers can not obtain USDC at some other tackle. Moreover, it’s important to keep in mind that customers can not ship $STC to the burn tackle straight from an trade, as they’d lose all of their funds.
Learn the detailed on-chain burn process.
About Scholar Coin
Based in 2019 by a gaggle of college college students in Warsaw, Poland, Scholar Coin sought to harness blockchain expertise for academic and community-building functions. Initially concentrating on college students and academia, the undertaking grew to embody a worldwide neighborhood of over 200,000 customers and launched merchandise such because the STC Pockets, STC Terminal, STC Academy, and Coinpaper. Centered on accessible blockchain schooling and tokenized options, Scholar Coin quickly expanded to greater than 500 universities worldwide. Because the undertaking winds down, the staff stays dedicated to supporting the neighborhood via a complete token redemption program and plans to pursue new initiatives within the crypto media sector.
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