SODAX Migration – Initial Governance Vote & Next Steps
The purpose of this post is to outline the initial steps required to begin the migration process from ICX to SODA.
Initial Governance Vote – Items for Approval
ICON Validators are being asked to vote on a proposal that includes three key actions:
1. Approval to Mint the SODA Token
- Authorize the minting of 1.5 billion SODA tokens on Sonic.
- All minted tokens will be deposited into a Locked Token Supply Fund contract.
2. Appointment of Initial Trustees to SODAX Protocol Governance Board
- Establish SODAX Protocol Governance Board with an initial group of five Trustees responsible for overseeing contract upgrades, token distributions, and governance actions required during the migration phase.
- SODAX Protocol Governance Board to be expanded once the migration is complete.
- The initial appointees (”SODAX Board of Trustees”) are:
- Min - SODAX Strategy Lead
- Fez - SODAX Program Lead
- Anton - SODAX Tech Lead
- Scott - SODAX Contributor
- Mark - SODAX Contributor
3. Approval of Exchange Wallet Addresses
- Approve the creation of ICX wallet addresses to support the migration process for centralized exchanges.
- While major exchanges will each receive a dedicated ICX wallet, a shared wallet will be used for smaller exchanges.
- These wallets will facilitate the migration as follows:
- When exchanges are ready, they will send ICX to the designated addresses.
- The received ICX will be verified, swapped 1:1 for SODA, and then burned.
- An equivalent amount of SODA will be transferred to each exchange’s Sonic wallet.
Next Steps Following Approval
Once the initial vote is approved, the following steps will take place:
- SODAX Board of Trustees will authorize the transfer of 1.08 billion SODA tokens to the migration contracts, enabling ICX holders to swap their tokens for SODA.
- SODAX Board of Trustees will approve exchange transfers as each participating exchange becomes ready.
Further updates will be shared as we move through each phase of the migration.