ICON Network Shutdown Set for December 31, 2026, ICX Swap Deadline Looms

The ICON Network will shut down on December 31, 2026, marking the last day for holders to swap ICX tokens for SODA at a 1:1 rate. This decision was made after an economic shutdown began in March when all ICX emissions and staking rewards were turned off.

The ICON Foundation cited focusing resources on products people are already using as the reason for shutting down the network, which has been running since 2017. The foundation also stated that maintaining a Layer 1 that no longer serves the mission would divide attention and capital.

Holders who self-custody their ICX tokens must manually migrate them to SODA by December 31 or they will be left with non-functional tokens on a network that has stopped producing blocks. Kraken, an exchange, had previously started supporting the migration of ICX to SODA.