In Brief:
- Dec. 31, 2026 is when the ICON Network goes dark for good — the last day ICX can be turned into SODA at a 1:1 rate.
- Funding and trading for ICX stopped on Kraken on Aug. 7 at 2 p.m. UTC, with customer balances being swapped automatically and SODA trading due to open by Aug. 14.
- ICX held in self-custody won’t migrate on its own. Anything still sitting on the chain past Dec. 31 is stuck on a network that has stopped producing blocks.
The ICON Foundation says the network will be switched off for good on Dec. 31, 2026, closing the door on converting ICX into SODA.
Holders swap at a 1:1 rate. Miss the cutoff and the tokens stay put on a chain that no longer runs.
Kraken’s timelines don’t mean much if you self-custody your $ICX.
But we’ve got you. Don’t delay in migrating to $SODA today.
Migration ends at the end of the year, with staking yield already live.@SODAView on X ↗
Once the chain closes, a read-only archive remains accessible for anyone who needs to pull up past transactions. What won’t exist is new blocks — or any way to rescue ICX that was never migrated.
Two deadlines, not one
The first lands on Sept. 30. After that date, migration only runs one way, from ICX into SODA, meaning the ability to reverse the swap vanishes a full three months ahead of the chain itself.
The second, Dec. 31, is the hard stop. It came out of a governance vote drawn up in May that put the shutdown proposal to validators for approval.
Exchanges handle it. Wallets don’t.
On Aug. 5, SODAX announced that Kraken had started supporting the migration. The exchange froze ICX deposits, withdrawals and trading on Aug. 7 at 2 p.m. UTC; balances are converted automatically at 1:1 without holders lifting a finger, and SODA trading was slated to go live by Aug. 14. Kraken had previously added SODA to its listing roadmap.
Coinone is lined up to offer custodial migration as well, and SODAX says talks with further exchanges are underway to deliver consistent support windows.
For everyone outside those venues, it’s a manual job. Connecting an ICON wallet through the portal at sodax.com/exchange/migrate takes around a minute and runs roughly 0.02 ICX in network fees. Receiving SODA doesn’t require S, Sonic’s gas token — that’s only needed later, when moving the SODA around.
The chain has been winding down since March
What the Foundation described as an economic shutdown began on March 26, when all ICX emissions and staking rewards were switched off. Since then, holding or staking ICX has paid out nothing.
Maintenance mode followed, with consensus trimmed down to seven core nodes — just enough to keep asset transfers and migration alive while everything else was taken apart. The network had been running for nine years.
The Foundation cast the decision as one about focus: maintaining a Layer 1 that no longer served the mission would divide both attention and capital, whereas closing it redirects resources toward products people are already using.
What holders get on the other side
SODA is capped at a fixed maximum supply of 1.5 billion tokens — a contrast with ICX, a gas token whose supply kept inflating to pay validators.
Staking is already running. Stake SODA and you get xSODA, a liquid staking token that represents a slice of protocol performance. Rewards come out of a designated 20% cut of the fees SODAX generates, not from emissions. On top of that, a SODA/xSODA liquidity pool hands out extra rewards.
SODAX Stake went live March 16, followed by SODAX Pool on March 24. The pool started distributing April 2 and staking April 8. Since the rewards are fee-funded, the rate moves with usage.
Transactions are settled by the execution system across liquidity spanning more than 18 networks, and ICON’s Network-Owned Liquidity now sits inside SODAX Protocol-Owned Liquidity, where the Solver can tap it. Fees additionally feed the DAO treasury and programmatic burns that shrink circulating supply as volume flows through the system.
The part that catches people
Balances sitting with a custodian sort themselves out. Cold wallets, hardware wallets and any other directly held tokens do not — no exchange timetable covers them.
As SODA’s account summed it up: “Kraken’s timelines don’t mean much if you self-custody your $ICX.”