In Brief:
- The ICON Network shuts down permanently on Dec. 31, 2026, the final deadline to convert ICX into SODA at a 1:1 ratio.
- Kraken paused ICX funding and trading Aug. 7 at 2 p.m. UTC and is converting customer balances automatically, with SODA trading expected by Aug. 14.
- Self-custodied ICX doesn’t convert itself. Tokens left on the chain after Dec. 31 are stranded on a network that no longer produces blocks.
ICON will permanently shut down its network on Dec. 31, 2026, ending the window to migrate ICX to SODA, the ICON Foundation said.
The conversion is 1:1. Anyone who misses the date keeps tokens on a chain that has stopped.
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 ↗
A read-only archive stays online after the shutdown so historical transactions can still be looked up. There will be no new blocks and no recovery path for un-migrated ICX.
Two deadlines, not one
Sept. 30 is the first. From that day two-way migration ends and only ICX to SODA is supported, so the option to move back disappears three months before the chain does.
Dec. 31 is the second and final one. The governance vote that set it was created in May, asking validators to approve the shutdown proposal.
Exchanges handle it. Wallets don’t.
SODAX said on Aug. 5 that Kraken had begun supporting the migration. ICX funding and trades were paused on the exchange Aug. 7 at 2 p.m. UTC, balances convert automatically at 1:1 with no action from the holder, and SODA trading was expected to begin by Aug. 14. Kraken had already placed SODA on its listing roadmap.
Coinone is also expected to support custodial migration, and SODAX said it is working with additional exchanges to roll out consistent support windows.
Everyone else does it manually. The portal at sodax.com/exchange/migrate connects an ICON wallet, takes roughly one minute and costs about 0.02 ICX in network fees. Holders don’t need S, Sonic‘s gas token, to receive SODA. They need it to move SODA afterward.
The chain has been winding down since March
ICON entered what the Foundation called an economic shutdown on March 26, halting all ICX emissions and staking rewards. Holding or staking ICX has generated nothing since.
The network went into maintenance mode with consensus handled by a reduced set of seven core nodes, enough to keep asset transfers and migration working while the rest was dismantled. It had run for nine years.
The Foundation framed the closure as a matter of focus, saying that keeping a Layer 1 that no longer serves the mission would split focus and capital, while shutting it down moves resources to products already being used.
What holders get on the other side
SODA has a fixed maximum supply of 1.5 billion tokens. ICX was a gas token whose supply inflated continuously to pay validators.
Staking is live. Users stake SODA to receive xSODA, a liquid staking token representing a share of protocol performance, with rewards drawn from a designated 20% portion of fees generated by SODAX rather than from emissions. A SODA/xSODA liquidity pool pays additional rewards on top.
SODAX Stake launched March 16 and SODAX Pool launched March 24. Distributions began April 2 for the pool and April 8 for staking. Because the rewards come from fees, the rate floats with usage.
The execution system settles transactions across the liquidity of more than 18 networks, and ICON’s Network-Owned Liquidity has been folded into SODAX Protocol-Owned Liquidity, where the Solver can draw on it. Fees also fund the DAO treasury and programmatic burns that cut circulating supply as volume routes through the system.
The part that catches people
Custodial balances take care of themselves. Cold wallets, hardware wallets and anything else held directly do not, and no exchange schedule applies to them.
SODA’s account put it plainly: “Kraken’s timelines don’t mean much if you self-custody your $ICX.”
