❓Do you hold ICX? Be sure to keep up with the news around migration so you don’t miss your chance to migrate.
The ICX to SODA migration is a major structural upgrade for our system. We have moved our infrastructure from the legacy ICON network to the Sonic Network. This faster, more efficient blockchain foundation now serves as the "Hub" for SODAX.
As part of this move, we are unifying our economy. Instead of having separate tokens for different purposes, we are upgrading everything into $SODA: a single, stronger asset that powers the entire SODAX execution system.
Why are we doing this?
We are shifting from an "inflationary" model to a sustainable one.
Then (ICX): The old model relied on creating new tokens (emissions) to pay for blockchain security. This meant the total supply of tokens was always growing in order to fund services that didn’t contribute to our goals of running our execution system.
Now (SODA): The new model is designed to support long-term stability. Because SODAX generates real fees from cross-network execution, we no longer need to rely on inflation to sustain the system.
What happens to my tokens?
We have designed this transition to be simple and fair. You can swap your ICX for SODA at a 1:1 ratio directly on SODAX Migrate. There is no penalty, no hidden cost, and no lock-up period. 1 ICX becomes 1 SODA.
Key Improvements
Alongside the change of network and naming, the economic rules of the token are being improved to better align with SODAX's goal of long-term sustainability.
A Hard Cap on Supply: Unlike ICX, which had no limit, $SODA has a strict maximum supply of 1.5 Billion tokens. No more tokens will ever be created beyond this limit.
Protocol-Owned Liquidity: The ICON Network had already accumulated its own working capital, which is now also a part of SODAX. This allows SODAX to facilitate trades using its own inventory, generating fees directly for the protocol rather than renting liquidity from others at a high cost.
Fee Driven Growth: All fees generated by SODAX will now fund targeted growth activities, of which 20% will be used to programmatically buy back and burn SODA supply.
Need Help?
If you have any further questions about migration plans or need assistance, visit our Support Center for more articles and resources, or contact our support team via the button in the bottom right.