SODAX Migration – Initial Governance Vote & Next Steps

Governance
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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.

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Hey everyone — just a quick heads-up on the next network proposal going live.

This proposal will do two things:

  1. Upgrade the NOL contract to allow for safer and more efficient withdrawals.
  2. Initiate the first round of withdrawals from NOL.

The vote will authorize the withdrawal of $10,000 of each asset currently held in NOL. Since these assets are paired (e.g., BTC/bnUSD), this means a total withdrawal of $20,000 per pair — $10,000 of the asset (e.g., BTC) and $10,000 of bnUSD.

The withdrawn funds will be migrated to the new infrastructure and supplied to the money market, where they’ll provide deeper liquidity for the solver. This is a critical step as we move into more intensive swap testing using larger trade sizes.

Once partner front ends are ready, we’ll look to vote on migrating 25% of the total liquidity over.

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