Act now to migrate Balanced loans & self-custody ICX.
The ICON network is migrating. Make the move today for self-custody ICX, and migrate Balanced loans by May 10.
Hello SODAX (formerly ICON) holders,
“In case you haven’t been keeping up with recent news, we have prepared this newsletter to catch you up on the current steps for the migration of ICON to SODAX on the Sonic network.
There is currently no deadline set for the migration to SODA, however, the migration of bnusd loans from Balanced v1 to the new SODAX infrastructure has a hard deadline of May 10, 2026.
So you should take action now if you hold a loan.
Read about the ICON migration on Coindesk: Here's why ICON rebranded to SODAX.”
Balanced bnusd loans: Migrate by May 10
If you opened a bnusd loan on Balanced, this applies to you.
What’s happening. Balanced v2 is live on SODAX infrastructure. The v1 loan book is being wound down. To keep your position active on the new infrastructure, you need to move it across manually.
Why move now. Between now and May 10, 2026, borrowing bnusd on v2 is free, with no origination fees. You use that free borrowing to pay down your v1 loan in rotations if you haven’t got the liquidity at the moment to pay the whole position down at once.
After May 10:
Origination fees return to v2 borrows.
Positions still sitting on v1 carry liquidation risk as the old ICON-era infrastructure continues to wind down.
Migrate your self-custody ICX and earn yield staking SODA
If you hold your ICX in your own self-custody wallet, then you can already migrate today on SODA Exchange. SODAX Migrate exchanges your ICX for SODA at a strict 1:1 ratio in a single flow to the Sonic network.
Check out our guide: How do I migrate ICX to SODA on SODAX Migrate?
Once migrated, you can already earn yield on your SODA by staking it on SODAX Stake, or supplying liquidity on SODAX Pool.
Kraken joins the SODA Migration
As of yesterday, Kraken has announced the addition of SODA to its listing roadmap, signaling support for the migration.
If you hold your ICX on a centralized exchange, be aware that each one is on its own timeline for supporting the ICX → SODA migration and will announce accordingly. If your exchange of choice supports the migration then rest assured that the process will be handled for you automatically.
What to do:
Log in to any exchange where you hold ICX. Check the announcements page for any notice about ICX delisting, SODA crediting, or migration windows.
Follow each exchange’s social channels. Exchange listing pages and Twitter accounts are usually where these windows are published.
If your exchange hasn’t announced yet, consider self-custody. Moving ICX to a wallet you control and migrating via SODAX Migrate puts you on the same 1:1 path without waiting for an exchange’s timeline.
We’ll amplify specific exchange announcements in the future.
Migration checklist for this week
[ ] Open Balanced v1 and check if you still have a bnUSD loan. If yes, bookmark docs.balanced.network/move-loan and start the rotation.
[ ] Check every self-custody wallet for leftover ICX. If found, plan a migration through SODAX Migrate, Making sure you have a small amount of S token (Sonic gas) in your destination address.
[ ] Check every centralized exchange where you hold ICX. Await an announcement if their support is not yet announced, or withdraw to a wallet for self-migration as each situation requires.
Important links:
→ Migrate to SODA · sodax.com/exchange/migrate
→ Stake SODA · sodax.com/exchange/stake
→ Pool SODA/xSODA · sodax.com/exchange/pool
→ Support · support.sodax.com
→ Read more · sodax.com/news
→ Additional links · https://linktr.ee/go.sodax