What is ICON (ICX)?

Deep Dive

1. Purpose & Value Proposition

ICON aims to connect disparate blockchains, enabling seamless communication and asset transfers. Its rebrand to SODAX in October 2025 shifted focus to cross-chain DeFi, leveraging Sonic’s high-speed infrastructure for lower costs and broader interoperability. The platform targets developers and enterprises seeking to build decentralized applications (dApps) that operate across multiple chains.

2. Technology & Architecture

Originally a standalone blockchain, ICON migrated to Sonic (EVM-compatible) to reduce operational costs and enhance scalability. Key innovations include:
- xCall Messaging: Standardizes cross-chain communication for smart contracts.
- Protocol-Owned Liquidity: Ensures deep liquidity for cross-chain swaps without third-party dependencies.
- Intent-Based Execution: Users specify outcomes (e.g., “swap X for Y”), and SODAX’s Solver SDK optimizes routing across chains.

3. Tokenomics & Governance

• ICX is used for staking (6–8% annual rewards), paying transaction fees, and governing the network via Delegated Proof of Contribution (DPoC).
• Post-rebrand, ICX holders swap to SODA (1:1), a deflationary token with a 1.5B supply cap. SODA captures fees from cross-chain activity and incentivizes validators.

Conclusion

ICON (now SODAX) is a bridge-first DeFi ecosystem prioritizing cross-chain usability and developer flexibility. By migrating to Sonic, it aims to streamline multi-chain interactions while maintaining decentralized governance. Can SODAX’s intent-based model compete with established cross-chain players as DeFi adoption grows?