ICON (ICX) is initiating a test migration to SODAX (SODA) on September 15, 2025, through a one-to-one token swap via the Sonic platform, managed by the SODAX Protocol Governance Board.
This transition signifies a critical shift in ICON’s ecosystem, potentially affecting token valuation and liquidity, while maintaining current DeFi activities on the ICON blockchain.
ICON (ICX) network announced a test migration to SODAX (SODA) on September 15, 2025, involving a one-to-one token swap.
The move is underpinned by on-chain actions and newly appointed governance led by the SODAX Protocol Governance Board.
SODAX Protocol Governance Steers ICON Token Swap
The SODAX Board of Trustees oversees the process, which was sanctioned through a validator vote. The swap will occur via the Sonic platform, highlighting the project’s commitment to decentralization and improved governance measures for token holders.
1.5 Billion SODA Tokens Minted for ICON Transition
The financial implications involve the minting of 1.5 billion SODA tokens, with 1.08 billion allocated for migration. The absence of liquidity and staking activities signals an interim phase intended to ensure a controlled transition towards utilizing the new token.
Stakeholders may expect stable ICX DeFi activities as migration proceeds. The project maintains a 1:1 swap ratio and balances existing governance measures. The initial phase’s opt-in nature reflects confidence in a structured migration path, offering flexibility to token holders.
Aave’s Hybrid Approach Offers Migration Insights
Similar token migrations, like Aave’s switch from LEND to AAVE, involved phased approaches and governance votes, leading to periods of parallel asset coexistence. Such events ensure user adaptation and reduce potential disruption.
Insights from Kanalcoin emphasize that while historical trends in DeFi migrations show technical complexity, clear governance and regulatory adherence remain pivotal in ensuring market stability and user confidence throughout substantial token transitions.
“ICON (ICX)’s migration to SODAX (SODA) begins with a test migration phase, beginning Sept 15, 2025. This initial phase of migration will be a 1:1, two-way swap.” – ICON Foundation Blog
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