ICONPrice

(ICX)

Yes, ICON is undergoing a significant rebrand. In May 2025, the ICON Foundation announced its transformation to Soda Xchange (SODAX). This strategic shift repositions the project from primarily being a standalone Layer 1 blockchain to becoming a vertically integrated cross-chain DeFi hub. The new brand signifies a broadened focus on facilitating seamless decentralized finance interactions across multiple blockchain networks, aiming to enhance interoperability and user experience within the broader Web3 ecosystem. This evolution marks its most significant transformation since its inception in 2017.

ICON is migrating its core hub infrastructure to the Sonic blockchain, a high-performance EVM Layer 1 network. The primary reasons for this move are to capitalize on Sonic’s advanced capabilities, including its sub-second finality and superior scalability, which can significantly improve transaction speeds and network efficiency. Additionally, this migration aims to reduce the substantial operational costs associated with maintaining ICON’s native Layer 1 blockchain, known as loopchain. By leveraging Sonic’s robust infrastructure, the project can focus more resources on development and innovation for the new Soda Xchange (SODAX) hub.

Your ICX tokens will be replaced by a new token called $SODA as part of the rebrand. The migration will occur at a 1:1 ratio, meaning one ICX token will convert to one $SODA token. A test migration phase commenced in September 2025, allowing both ICX and BALN, the token for the Balanced DeFi protocol, to be eligible for this conversion. A key change with $SODA is its tokenomics; unlike ICX, which previously had an inflationary model, $SODA will feature a fixed supply of 1.5 billion tokens, providing a predictable monetary policy for the new Soda Xchange ecosystem.

You can continue to earn staking rewards by delegating your ICX to Public Representatives (P-Reps) using the Hana Wallet or the ICON Community Tracker. This process helps secure the network and rewards participants. During the ongoing transition period to Soda Xchange (SODAX), staking rewards are still being distributed on the existing ICON chain. The system will continue in this manner until the full migration to $SODA token staking is completely live and operational within the new Sonic Chain ecosystem, at which point the new staking mechanisms will be introduced.

ICON is recognized as a crucial "interoperability layer" within the Web3 landscape. Its flagship product, xCall (General Message Passing), enables decentralized applications (dApps) to seamlessly exchange data and assets across various distinct blockchains, such as Ethereum, Solana, Sui, and Avalanche. This eliminates the need for complex and often fragmented individual bridges for each cross-chain connection. By providing a universal communication standard, ICON, through its upcoming Soda Xchange iteration, aims to foster a more connected and efficient multi-chain environment, simplifying development and enhancing user experience for Web3 applications.

The ICON ecosystem features several prominent decentralized applications. Balanced serves as the flagship DeFi platform, offering cross-chain swaps and collateralized loans, and is slated for integration into the new Soda Xchange (SODAX) brand. Hana Wallet is the primary multi-chain wallet, supporting connectivity across various blockchain networks including Ethereum, Cosmos, and Polkadot, and is essential for interacting with the ecosystem. Additionally, Omm operates as a money market protocol, enabling users to lend and borrow digital assets. These applications form the core utility and engagement points for the community.