ICON Network enters economic shutdown, begins 1:1 ICX-to-SODA migration on Sonic

ICON Network has formally entered its planned “economic shutdown” phase as part of a long-announced wind-down of its original Layer 1 blockchain and migration of value and activity to the SODAX ecosystem and the SODA token on Sonic. In this phase, new ICX emissions and staking rewards are halted, the validator set is being reduced to a small core group of foundation-run nodes, and the chain is kept live primarily to support a 1:1 ICX-to-SODA migration via the official dashboard on Sonic. Economic activity on ICON is effectively over, but users can still transact and move ICX for the purpose of migration. According to the ICON Foundation’s roadmap, this shutdown is a step in transitioning ICON from a standalone Layer 1 into hub-chain infrastructure within the SODAX DeFi execution system, where SODA becomes the primary token with a fixed max supply of 1.5 billion. Migration between ICX and SODA remains two-way during the early part of the wind-down, but will become one-way (ICX → SODA only) from September 30, 2026, before a full network shutdown on December 31, 2026, after which the ICON blockchain will exist only as a read-only archive and any unmigrated ICX will be stranded on an inert chain. The process is framed as consolidating liquidity, governance, and development focus onto SODAX and SODA, while ensuring ICX holders have an extended window and clear tooling to migrate their assets.

✨ AI-generated background, compiled from web sources — not editorial content.

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