$SODA Token Migration Progress and Supply Details

Governance
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On May 5, 2025, we announced that ICON Network is changing to Soda Xchange (SODAX) — a vertically integrated DeFi App Platform. Consequently, $ICX token is also changing to $SODA token. Please see below article links related to this change.

ICON Validators Officially Approve SODAX Migration

On May 11, 2025, ICON Validators approved the preliminary plan for the SODAX Migration. ICON Network Proposal, on-chain voting system, easily reached a quorum.

ICON Validators Officially Approve $SODA Token Launch

On July 11, 2025, ICON Validators approved the official minting of the SODA token, the initial Trustees of SODAX Protocol Governance Board, and preparation of migration support with Centralized Exchanges (CEX). ICON Network Proposal, on-chain voting system, easily reached a quorum.

With this, we are near finalizing all the preparation necessary for the Token Migration.

SODA Token Supply and On-chain Verification

SODAX Protocol Governance Board executed the following actions on July 14, 2025 as mandated in the Network Proposal above.

Following the Migration Event, the new tokenomics is presented below

Conversion ratio is 1 ICX : 1 SODA

After this event, the Total Supply will increase 420M (38.9%) from 1.08B SODA to 1.5B SODA immediately. The Circulating Supply will increase from 1.07B to 1.08B SODA. The additional 420M supply remains locked with a schedule to release over the next 5 years. (find vesting schedule below)

1.5 Billion SODA Tokens were minted (Total or Max Supply)

This token contract address is also known as the “Token Generation Event (TGE) Address.” It is also called “Locked Token Address” because any tokens in this address are locked and excluded from Circulating Supply. Currently, there are 420 Million SODA Tokens in this token contract address, which are locked and determined as non-circulating supply. This can easily be verified in the block explorer.

1.5 Billion SODA Token is the maximum total supply that will ever be in existence.

1.08 Billion SODA Tokens were transferred to DAO Treasury (Circulating Supply)

This token contract address is also known as the “DAO Treasury Address”. Funds held in this wallet are administrated by the SODAX Protocol Governance Board and made available to those migrating from $ICX to $SODA. Currently, there are 1.08 Billion SODA Tokens, which are unlocked and determined as circulating supply.

In summary, out of 1.5 Billion SODA total token supply, 420 million is locked or non-circulating and 1.08 Billion is unlocked or circulating.

SODA Token Migration Details

$ICX to $SODA Exchange Ratio

  • $ICX to $SODA migration is 1:1 with no lock-up.

Migration Timeline

  • Unofficial Migration: In early-mid September 2025, token holders can participate in 2-way conversion from $ICX to $SODA and from $SODA to $ICX. The main purpose of the unofficial migration is for our community members to familiarize themselves with SODA tokens and the use of Sonic $S tokens for gas.

  • CEX Migration: Beginning November 1, 2025 (target), we will open support for $ICX to $SODA token conversion for centralized exchange (CEX). This does not mean that all CEX will immediately support the token migration on November 1st. We believe the CEX token migration will occur on a case-by-case and rolling basis. We are in continuous discussion with CEX to facilitate token migration as soon as possible.

  • Final Migration: The target date is To Be Determined (TBD). CEX Migration support will end. You’ll only be able to swap one way — from $ICX to $SODA — and would not be able to move back from $SODA to $ICX. Final Migration date is dependent on when ICON Network is ready to be halted.

Changes to Max Supply

  • $ICX Maximum Supply (Before Migration): N/A - Infinite or No Cap
  • $SODA Total Supply (After Migration): 1.5 billion $SODA.

Similar to Ethereum, Solana, and many other L1 networks, the ICON Network does not have a cap or max on token supply. On the other hand, $SODA has a total or max supply of 1.5 Billion tokens. Under no circumstances can or will any more $SODA be minted in the future.

Placing a cap of total token supply was a popular request from our community members, which is what is currently being delivered. One of the biggest misconceptions from a few community members is that token supply has now increased. No, the token supply has not increased, but instead, we are placing a cap on total token supply.

Changes to Circulating Supply

  • $ICX Circulating Supply: 1.07 Billion (ICON Tracker)
  • $SODA Circulating Supply: 1.08 Billion

The main goal is to have $SODA circulating supply to be as close to the sum of $ICX circulating supply and $BALN circulating supply in consideration of the following uncertain factors:

  • An amount of $ICX and $BALN tokens can be expected to have been permanently lost and should technically be out of circulation today.
  • $BALN merger terms (more details below or on Balanced Forum Post)

ICON Validators have agreed to increase circulating supply by 10 Million tokens in preparation for the migration to account for the $BALN merger and in consideration of the uncertain factors mentioned above.

Vesting Schedule for Locked Tokens

  • 420 Million $SODA locked and vested over 5 years

Every year, 84 Million tokens will be unlocked and added to circulating supply ( DAO Treasury Wallet) . It is also called “Unlocked Token Address” because any vested tokens that become unlocked are first transferred from the Locked Token Address mentioned above to this token contract address and are included in the Circulating Supply. When the token becomes unlocked, all goes into the DAO Treasury. No portion of the unlocked tokens go to the ICON Foundation, team members, or certain individuals or groups.

Timeline No: of $SODA circulating
Day 1 of official migration 1,080,000,000
End of year 1 1,164,000,000
End of year 2 1,248,000,000
End of year 3 1,332,000,000
End of year 4 1,416,000,000
End of year 5 1,500,000,000 ( Fully unlocked)

$BALN Merger/Migration Details

The $BALN to $SODA migration will be supported by an incentive program based on lock-up duration. BALN holders can migrate to $SODA with the following terms on exchange ratio:

  • No lock-up = 0.5 $SODA
  • 6 months = 0.75 $SODA
  • 12 months = 1 $SODA
  • 18 months = 1.25 $SODA
  • 24 months = 1.5 $SODA

Further details on the BALN migration can be found here

Maximum $SODA Tokens Allocated For $BALN Migration

A maximum of ~40 million $SODA tokens could be utilized for the migration at the end of 2 years if all the eligible users fully utilize the lock-up period (as outlined above).

Note that no new $SODA tokens have been minted specifically for $BALN, as we do not expect all $ICX in circulation to be swapped by users. A portion of the 168 million $SODA tokens that will be unlocked in 2 years can be utilised for this, if needed.

Will ICX Continue To Be Minted?

ICX emissions (currently ~3% annually) are scheduled to end once $SODA staking begins. The exact date has not yet been set due to the ongoing development. ICON Validators will finalize this closer to the launch of $SODA staking.

The ICX minted will not affect SODA token supply. No additional SODA tokens can or will be minted, nor will there be changes to the 420 million locked supply in the DAO which will follow the 5 year vesting schedule.

Does it require a governance vote to spend the funds in the DAO treasury?

Yes, any funds spent in the DAO Treasury must be voted and approved by the SODAX Protocol Governance Board.