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ICON Network to shut down in 2026 as ICX fully migrates to SODAX

The ICON Network will officially close down on December 31, 2026. If you hold ICX tokens, you’ll have until then to move them to SODA on SODAX at an equal value (1:1). After that date, the original ICON network will still exist, but only as an archive you can view, not interact with.

Summary

  • ICON will cease operations and go offline on December 31, 2026, after an economic shutdown phase
  • The final deadline to swap ICX for SODA is December 31, 2026, with one way migration from September 30
  • Liquidity and incentives have already moved to SODAX, and Kraken has added SODA to its listing roadmap

The ICON Foundation has announced plans to gradually shut down the original ICON network (Layer 1) by the end of 2026. They will then move the entire ecosystem to a new platform called SODAX, with SODA as its main cryptocurrency.

As of March 26, 2026, the ICON Network has stopped all economic activity. This means no new ICX tokens are being created, and you can’t earn rewards for holding (staking) them. The network is still running, but only to help users move to SODA, which is built on the Sonic network.

The ICON network is finishing its move to @gosodax by the end of this year. On December 31, 2026, the ICON Network will officially close, marking the end of the migration period. Find out how to transfer your $ICX to $SODA to be prepared!

— SODA (@sodaholders) May 25, 2026

The plan is to archive the ICON blockchain on December 31, 2026. After this date, it will still be accessible for viewing past transactions, but it won’t be updated, and you won’t be able to convert ICX to SODA anymore.

ICX holders can currently switch to the new system through the official dashboard at sodax.com/migrate, receiving an equal amount of the new token for each ICX they hold. The Foundation has repeatedly stated – in February and March – that the original ICON blockchain will stay active during this transition period, ensuring users can still access and manage their funds.

Beginning September 30, 2026, it will only be possible to convert ICX into SODA. The ability to swap SODA back into ICX will be removed, as the project focuses on consolidating value into SODA, which will have a fixed total supply of 1.5 billion.

Economically, everything has already shifted.

Why is ICON shutting down and what is the SODAX migration plan?

According to announcements on Binance Square and from the Foundation, SODAX Stake became available on March 16, 2026, followed by SODAX Pool on March 31st. Rewards, funded by protocol fees, started for SODAX Pool on April 2nd and for SODAX Stake on April 8th. These rewards are designed to encourage ICX holders to move their holdings and begin staking.

TradingView alerts and updates from SODAX’s social media confirm that several centralized exchanges are getting ready to support the new token. Kraken has announced plans to list SODAX, and both Kraken and Coinone will help users convert their existing ICX tokens to SODA for any holdings they have on the exchange, making the process easier.

What happens to ICON users and liquidity after the shutdown date?

Once the ICON Network is turned off at year end 2026, it will exist only as a static ledger.

The Foundation will create a historical archive allowing people to view past transactions. However, the network will no longer create new blocks or process changes, and any ICX tokens not moved to the new system will be unusable on the old, inactive network.

What we’re seeing with this shutdown is unfortunately a pattern. Like Zero Network and Bit.com before it, this platform is imposing strict deadlines for withdrawals or asset migration. Essentially, users are being warned that if they don’t move their funds by a certain date, they risk losing them permanently when the platform shuts down its systems. As an analyst, I’m observing this become a common characteristic of these closures.

The ICON team has intentionally spread out the migration process over several months. Economic activity and rewards paused in March, while users can still move assets back and forth for now. Swapping ICX tokens for SODA will start at the end of September, and the entire migration must be completed by December 31st.

As a crypto investor, I’m looking forward to the point where the majority of activity – meaning where the money is flowing, where DeFi applications are being built, and how the project is governed – has shifted to the SODAX protocol. This will mean SODA and xSODA are in charge of a system where staking and providing liquidity earns fees on Sonic, instead of relying on the old ICON L1 method of just creating more tokens.

Both the ICON Foundation and network validators are clear: ICON’s original economic model is finished, and you’ll no longer earn rewards. They recommend moving to SODA, staking, or participating in liquidity pools in the new system, and to stop using ICON for regular transactions well before the network shuts down on December 31, 2026.

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2026-05-25 18:39