STC Token fork! Check the details
The STC web app to perform the STC v1 to STC v2 swap is available at https://swap.studentcoin.org/
The fast development of the STC Ecosystem and a rapidly increasing gas fee at the Ethereum network led to the decision about the Student Coin fork execution. According to the STC Roadmap, the switch from the STC Token v1 into the STC Token v2 will be performed on Wednesday 14th of April. The STC Token fork, in the form of the 1:1 token swap, will bring many advantages for the STC Community.
The article will outline the fork background, its outcomes, and swap procedures that will be required from some of the STC Holders.
Fork in a brief — What actions will be required?
The Student Coin fork will be a switch from STC Token v1 into the STC Token v2. Both of the tokens will be based on Ethereum; however, the STC Token v2 will be upgraded into the safer and lighter version.
Please note that most of the STC Holders will have their STC Tokens switched automatically. Please check whether you will need to perform the swap.
The following group of STC Holders will need to perform the token swap manually:
- Users holding STC Token in Ethereum-based wallets as Metamask, MyEtherWallet, Ledger, etc.
The following groups of STC Holders will be not required to perform any action and don’t have to do anything regarding the incoming fork.
- Users that participated and purchased STC during STC Launchpad ICO,
- Users holding STC in STC Wallet or STC App,
- Users holding STC at any exchanges as CoinTiger and Kanga Exchange,
- Users holding STC at Waves Blockchain and Waves Exchange.
Either if you need to perform a token swap or no actions are required from your side, we invite you to check how the fork will benefit the STC Community and what is its timeline.
As it was mentioned before, the Student Coin fork will be a switch from STC Token v1 into the STC Token v2 at the Ethereum blockchain. Both of the tokens will have the ERC-20 standard; however, the STC Token v2 will be safer, lighter, and upgraded. In brief, it means that the fork is an establishment of a new, better STC Token pegged to the old one with a 1:1 ratio. The 1:1 token swap will take up to 2 months, and after this period, the old version of the token will be abandoned and no longer supported.
The users holding the current STC Token at Ethereum-based wallets will need to perform the token swap by sending their old STC into the swap contract address. The procedure will be explained in the next section.
The rest of the users that, for example, purchased STC during the STC Launchpad ICO will not be required to undertake any action, as the 1:1 swap will be automatic.
Moreover, before explaining the easy swap procedure, let’s check how it will benefit the STC Ecosystem.
The increasing fees at the Ethereum network, as well as the very high demand for STC-based tokens, made STC Token v1 not as effective as it could be. STC Team decided to perform the Student Coin’s fork and maintain the sustainable long-term development of the STC Ecosystem by creating the new, upgraded version of the STC Token — the STC v2.
The Student Coin Token fork will switch the following old contract address:
0xb8B7791b1A445FB1e202683a0a329504772e0E52 (Old STC Token)
into the new version with the following contract address:
0x15b543e986b8c34074dfc9901136d9355a537e7e (New STC Token)
The new, improved version of the token will cause the following amenities for the STC Community:
- reduction of the transfer fees at Ethereum
- reduction of the trading fees at Uniswap
- reduction of the fees for the STC-based token management at STC Terminal
- reduction of the fees for the STC-based tokens trading and transferring at STC Exchange
- compilation of the smart contract into a lighter and transparent code
So on, the new version of the STC Token will not only reduce the required transaction fees but will also diminish the future fees at STC Exchange and STC Terminal for all STC-based tokens. In the long run, the solution will save a lot of gas fees for all the STC Holders.
The fork will be planned step by step, assuring that its effects and timing will be comfortable for all users.
Fork Effects and Timeline
For most of the STC Holders, the fork will be just a non-visible backend operation that will upgrade some STC utilities. However, it will also lead to some minor changes that will be experienced.
The Student Coin Fork will cause the following effects:
- Some STC Holders will need to perform the swap
- The new Ethereum contract address will be created
- The official Etherscan token page will be changed
- The Uniswap pair will be changed
- Exchanges will no longer support the STC Token v1 deposits after the 14th of April 2021
Furthermore, the token swap will be performed step by step, making sure there is no option for abuse.
STC Token Fork timeline:
- 07.04.2021 — Wednesday
Announcing the STC Token Fork.
- 09.04.2021 — Friday
Adding STC Token v2 Uniswap pair.
- 14.04.2021 — Wednesday
Launching the STC v1 to v2 token swap.
Performing the token swap at all STC supporting exchanges.
Stopping the support of STC Token v1 deposits at centralized exchanges.
- 01.05.2021 — Saturday
Performing the automatic swap for all tokens purchased at STC Launchpad ICO and for STC App users.
- 31.05.2021 — Monday
Stopping the support and maintenance of the STC Token v1 1:1 swap.
Setting the STC Token v2 as the only supported version of the Student Coin.
Furthermore, all the listings and websites where the old version of the STC Token is used will be consecutively updated.
If you are holding the STC Token v1 at Metamask or another outside wallet, please check how you will perform the token swap.
How to perform token swap?
Please note that token swap will be required only for a small group of STC Holders for the STC Tokens v1 at ERC20 wallets as Metamask, MyEtherWallet, Ledger, Trezor, etc.
You can read the next section and check if you are required to swap the STC Tokens, or it will be done automatically.
The token swap will be performed accordingly to the web application with the Swap Manual.
- Make sure you are using Metamask or another open wallet, do not send your STC directly from any exchange.
- Perform the swap according to the instructions at https://swap.studentcoin.org/
3. You will receive back the STC Token v2 (new token) back to the sender address immediately after confirming the two transactions.
That’s it. The swap will be completed.
The operation can be made, as the example below:
- John has 101 000 STC v1 in his Metamask wallet.
- John makes sure he is using Metamask, not CoinTiger or Kanga Exchange
- John performs all of the steps at https://swap.studentcoin.org/
4. After ~1 minute John receives the new STC back to the sender address — exactly 101 000 STC v2 arrive at the wallet from which he sent the old STC Tokens.
5. The swap is completed.
What is important, after swapping please add the new STC Token v2 as the custom token to your assets. The contract address to add:
Furthermore, after the 14th of April 2021, the old STC Token v1 exchange deposits will be not supported.
For all the questions regarding the token swap, please see Swap Manual or contact support at STC Telegram Chat. Please also check whether you need to perform the swap, as in most cases, it will be done automatically.
Who will need to perform STC Token Swap?
Most of the STC Holders will not be required to perform any actions. Please check, if you will need to swap your STC v1 into STC v2, or it will be made automatically.
- Holders at Ethereum
Only holders of STC Tokens at custom wallets as Metamask, Ledger, Trezor, MyEtherWallet etc. will need to perform the token swap. If you have purchased STC Token using Uniswap, made Waves to Ether swap, or withdrawn STC Tokens from exchange to the outside wallet, you will need to perform the swap as it was described in the previous point.
2. Launchpad ICO participants
All the STC tokens of the STC Launchpad ICO participants will be swapped automatically. If you have purchased STC Tokens during the Launchpad ICO, you are not required to perform any action.
3. Holders at STC Wallet and STC App
The tokens from STC Wallet and STC App are swapped automatically. If you are holding STC Tokens at app.studentcoin.org, you are not required to perform any action.
4. Holders at exchanges
The tokens at supported Ethereum-based exchanges — Kanga Exchange and CoinTiger Exchange, will be swapped automatically. If you will have your STC Tokens on Wednesday 14.04.2021 at the supported exchange, you will be not required to perform any action.
5. Waves Holders
The version of the Waves STC Token will not be changed, if you are holding STC Tokens at Waves Exchange, you are not required to perform any action.
6. Other situations
If you are not sure about the need to perform the token swap, don’t worry! The swap can be made in the next two months period, and you can always ask our support at STC Telegram Chat.
After the 14th of April 2021, STC Token v1 will have some limitations. Please make sure you have gone through the restrictions.
Final Notice about the old STC Token
Please note that STC Token v1 with the contract of 0xb8B7791b1A445FB1e202683a0a329504772e0E52 will be supported till 31.05.2021. It means that if you will purchase STC Token v1 or found a wallet with STC Token v1 in May, you will be still able to perform the 1:1 swap into the STC Token v2 version. However, you will not be allowed to deposit the STC Token v1 into an exchange without the swap.
Finally, the STC Token v1 price will be pegged 1:1 to the STC Token v2 price during the fork proceeding. After 31.05.2021, the STC Token v1 will be unpegged and the decentralized listings and transfers will be no longer supported.