Is Student Coin a Scam?

Student Coin (STC) is a blockchain-powered educational project that was founded in 2019 by undergraduate students from Kozminski University, Warsaw.

It didn’t take long for STC to gain traction in the market. Within just the first year of its launch, more than 15,000 students from over 500 universities across the globe had claimed free tokens. This rising popularity led to the token being listed on the Waves exchange, which placed STC in front of a global audience and allowed the team to grow the project over the following years.

Recently, Student Coin announced the Student Coin Redemption program to buy back all STC from existing investors.

Is Student Coin A Scam

If you are wondering whether Student Coin is a scam, there are a list of factors that suggest it is not. Firstly, the token’s smart contract code was verified and audited by the reputable third party smart contract auditing firm, Hacken.

Teams that want to ensure the highest level of transparency and security for their investors employ Hacken to audit their token’s contracts. This is a rigorous process that can take up to several days, and involves several cyber security and smart contract development experts analyzing the code for any potential back doors or security vulnerabilities. It is very rare that projects receive a security score higher than 5 or 6, which makes STC’s 7.5 rating that much more impressive.

Secondly, if Student Coin was a scam, the team would not be going through the massive process of buying back all STC tokens from the existing investors. In fact, this Student Coin Redemption is one of the biggest redemptions in the history of the crypto space.

STC has also been listed on more than 10 exchanges over the years. This list includes multiple decentralized platforms, such as Uniswap V3, as well as some of the biggest centralized exchanges in the Web3 space.

KuCoin, the 7th biggest crypto exchange in terms of daily trading volume, was one of the top-tier exchanges that welcomed the crypto to its platform.

Biggest crypto exchanges by trading volume (Source: CoinMarketCap)

Before KuCoin considers listing a token, it first initiates a comprehensive due diligence process into who the project’s team members are. It also performs its own audit and verification process of the token’s smart contract to ensure that no malicious projects get listed on its platform.

Student Coin Achievements

Student Coin grew its community to more than 300,000 users across all of its social platforms. Apart from being listed on KuCoin, it was also able to make its way onto the once-popular Bittrex platform, while also scoring a listing on HitBTC and a handful of other well-known exchanges as well.

Student Coin also launched the STC University in 2023, which was the new version of the highly successful STC Academy. Through these educational platforms, Student Coin reached over 15,000 students across the globe, and educated over 210,000 individuals on digital currencies and blockchain technology.

During the same year, Student Coin also established Coinpaper - a crypto-focused news portal. This fast-growing news outlet saw an active user increase rate of nearly 19.75% per month since it went live and has reached 60,000 monthly active users as well.

Other notable achievements include the Student Coin team’s involvement in the co-creation of a decentralized exchange for derivatives, the launch of the STC terminal, and the more than 300 million impressions the project generated through its various campaigns.

The Student Coin Redemption

STC’s price rose meteorically to an all-time high (ATH) a little above $0.05 per token, shortly after its launch. It maintained a position above $0.02 for a few months during 2021. However, this phenomenal performance set unreasonably high expectations for the project.

Source: Student Coin Price Chart

Despite the team’s best efforts, they realized they would not be able to achieve such significant value again through the variety of utility-building initiatives they had planned. Spending additional money on the project’s development also had very little impact on STC’s price, which indicated that the price of the token was influenced more by unsustainable marketing practices than actual fundamental value.

As a result, the Student Coin team decided to use the project’s remaining capital to buy back and burn all STC tokens across all of its platforms through the Student Coin Redemption program.

During this initiative, STC tokens can be redeemed at a price higher than the current market rate. Users have several redeeming options, with more detailed instructions and information available on Student Coin’s website.

Conclusion

In conclusion, Student Coin is not a scam. The STC token is a legitimate project that managed to score listings on top-tier platforms such as KuCoin and Bittrex, which both include their own comprehensive due diligence and vetting processes.

It has also been audited by one of the leading smart contract auditing firms and achieved an impressive security score of 7.5. The team’s decision to launch the Student Coin Redemption was influenced by several factors, with mounting stress on the team, difficulty in allocating funds towards the project’s growth, and unclear regulations mentioned as the primary reasons.