What is ICON (ICX)?
ICON (ICX) is a decentralized blockchain network founded in 2017 by the ICON Foundation in South Korea. Its core vision is to build a unified and interoperable cryptocurrency ecosystem that connects different blockchain networks to realize the “Internet of Blockchains.”ICON employs the Delegated Proof of Stake (DPoS) consensus algorithm and Loopchain technology, designed to provide fast transaction validation and high security.
ICX is the native cryptocurrency of the ICON network, primarily used to pay transaction fees, participate in network governance (through staking and voting for public representatives/validators), and serve as a fee token for cross-chain transactions. ICON’s core strength lies in its cross-chain framework, particularly its Universal Messaging (xCall) interface, which facilitates seamless communication and asset transfers between different blockchains.
Major Transition: ICON Network Shutdown and SODA Token Migration
The ICON project is currently undergoing a major strategic transformation. According to an official announcement from the ICON Foundation, the ICON Layer 1 network will permanently shut down on December 31, 2026. This means that the base chain for ICX, the network’s native token, will cease operations.
All ICX holders must migrate their ICX tokens to SODA tokens on the SODAX platform at a 1:1 ratio by December 31, 2026.Please note that starting September 30, 2026, the migration from ICX to SODA will become one-way—that is, tokens can only be migrated from ICX to SODA, and the reverse operation will not be possible. Additionally, ICX staking rewards and token issuance were suspended on March 26, 2026.
This transition marks the project’s full shift to SODAX, an intent-based cross-chain execution and liquidity protocol.The market generally views the shutdown of the ICON network and the mandatory migration as bearish for ICX as a standalone asset, as its original utility and chain will be phased out. However, for the SODA token and the SODAX ecosystem, this is seen as a new direction for the project to consolidate resources and pursue long-term development.
ICX Market Performance and Historical Data
ICON raised approximately $43 million in its initial coin offering (ICO) in September 2017. As of this writing, the circulating supply of ICX is approximately 1.1 billion tokens. Since the project is undergoing a transition, its maximum supply is typically displayed as “∞” or “--.”As of this writing, ICX’s market capitalization is approximately $23.48 million to $30.71 million, with the current price fluctuating between $0.021 and $0.023, and a 24-hour trading volume of approximately $226,700 to $1.1 million.ICX reached its all-time high of $13 on January 11, 2018.
Given the impending shutdown of the ICON network and the mandatory token migration, investors should fully understand the risks associated with this transition when considering ICX and keep an eye on the future development of the SODA token.
Where can ICX be traded?
Although the ICON network is set to shut down, ICX tokens can still be traded on some cryptocurrency exchanges before the migration deadline. Please note that due to the urgency of the network shutdown and migration, trading ICX carries high risks, and its liquidity may decline significantly over time. Stay tuned to Svmuu for ongoing coverage of related developments.
Centralized Exchanges (CEX)
ICX is currently tradable on the following major centralized exchanges:
- Binance (Binance): Offers trading pairs such as ICX/USDT.
- OKX (OKX): Offers trading pairs such as ICX/USDT.
- KuCoin: Offers trading pairs such as ICX/USDT.
- Gate (Gate.io): Offers trading pairs such as ICX/USDT.
- Kraken: Offers trading pairs such as ICX/USD.
- Bitget: Offers trading pairs such as ICX/USDT.
- CoinEx: Offers trading pairs such as ICX/USDT.
To trade ICX on these platforms, you typically need to register an account, complete identity verification (KYC), deposit funds, and then select an ICX trading pair to buy or sell.
Decentralized Exchanges (DEX)
Within the ICON ecosystem, Balanced is an AMM (Automated Market Maker)-style decentralized exchange where users could previously purchase ICX using assets such as IUSDC, IUSDT, USDS, and bnUSD. However, with the shutdown of the ICON Layer 1 network, the future operation of this DEX and its ICX trading functionality will be affected.
Risk Warning: Given the upcoming shutdown of the ICON network and the planned mandatory migration of tokens to SODA, trading ICX tokens carries extremely high risks.All ICX holders are advised to closely monitor official announcements from the ICON Foundation and ensure they complete the token migration before the December 31, 2026, deadline to avoid potential asset losses. Be sure to conduct thorough research and risk assessments before trading.
