What is ICON (ICX)?

Deep Dive

1. Cross-Chain Interoperability

ICON’s core mission is to enable seamless communication between blockchains. Its Cross-Chain Framework uses the xCall messaging protocol to simplify cross-chain development, allowing apps to interact across networks like Ethereum, BNB Chain, and Avalanche. Enterprise products like Zzeung (decentralized identity) and broof (tamper-proof document verification) leverage this infrastructure for real-world use cases.

2. Token Utility & Governance

The ICX token is central to ICON’s economy:
- Staking: Users delegate ICX to validators to earn ~6–8% annual rewards, securing the network and participating in governance decisions.
- Transaction fees: ICX pays for on-chain operations, including DeFi interactions and enterprise services.
- DeFi collateral: Used in protocols like Balanced to mint stablecoins (bnUSD) or provide liquidity for yield farming.

3. Transition to SODAX and Sonic Chain

In October 2025, ICON rebranded to SODAX, migrating its DeFi infrastructure to Sonic – an EVM-compatible chain with sub-second finality. This shift aims to reduce operational costs and prioritize cross-chain liquidity via:
- Fee monetization: 90% of Sonic’s gas fees flow to SODA (the new token replacing ICX).
- Unified liquidity layer: Aggregates liquidity across 12+ chains for low-slippage swaps and lending.

Conclusion

ICON began as a blockchain interoperability pioneer and has evolved into SODAX, a chain-agnostic DeFi platform focused on scalable cross-chain solutions. With its migration to Sonic, can SODAX’s unified liquidity model attract developers and users in a multi-chain landscape?