Student Coin (STC) is currently undergoing a token redemption process
Student Coin announced the launch of the Student Coin Redemption program on Apr. 9 to buy back all STC tokens from holders across the project's platforms.
This initiative follows careful consideration by the team and marks the end of the Web3-focused development and education project. According to the official announcement by the project's team, each Student Coin refund has been calculated on an individual basis. The calculations took into account factors such as the respective purchase prices of all the tokens and whether the STC coins were received via an airdrop or not.
Several factors influenced the final decision to bring an end to the Student Coin project. Together with how difficult it has become to allocate capital towards growing the token's fundamental value, other hurdles, such as the legal uncertainty surrounding the crypto space, as well as the mounting pressure on the team, were the main reasons that led to the decision to launch the Student Coin Redemption.
The crypto community's prioritization of a crypto's speculative performance over its overall development has exerted additional pressure on the Student Coin team, the team said in the announcement. This is especially true following STC's meteoric 13,000% rise to an all-time high of $0.06599 per token after its listing in 2019. According to the team, this rapid ascent has resulted in unrealistic expectations from some in the community.
The Student Coin Redemption is a massive undertaking, given the varying backgrounds of all of the STC token holders. These token holders range from airdrop recipients to people who purchased STC tokens at different market prices throughout the project's 5-year existence. In an effort to accommodate all holders fairly, certain groups will be prioritized by the Student Coin refund.
Tailored strategies have been designed for each group of holders to streamline the entire process. Participants of the STC launchpad will receive preferential treatment, said the announcement. Meanwhile, members in the Premium Holder Program will receive enhanced rewards during the Student Coin Redemption.
