ICON Network Countdown: Final Day to Swap ICX for SODA
The ICON Network is set to shut down on December 31, 2026, marking the end of an era for ICX holders. The network has been in a state of economic shutdown since March 26, with all ICX emissions and staking rewards switched off.
During this period, the ICON Foundation has been winding down the network, trimming consensus to seven core nodes to keep asset transfers and migration alive. The decision was made to redirect resources towards products people are already using, rather than maintaining a Layer 1 that no longer serves the mission.
Holders have until December 31 to swap ICX for SODA at a 1:1 rate. However, those who self-custody their ICX must manually migrate to SODA through the portal at sodax.com/exchange/migrate, incurring a network fee of around 0.02 ICX.
The SODA token is capped at a fixed maximum supply of 1.5 billion tokens and offers staking rewards funded by fees, not emissions. The staking yield for SODA has already gone live, with holders able to earn xSODA, a liquid staking token that represents a slice of protocol performance.