SODA, the successor to ICX, is now live worldwide on Kraken as SODAX secures MiCA-compliant standing in the EU.

ZUG, Switzerland, Aug. 17, 2026 — SODAX, the cross-network execution and liquidity infrastructure that succeeded the ICON Network, said its token SODA began trading worldwide on Kraken today across the Sonic and Arbitrum blockchain networks after the exchange completed its conversion of ICX balances to SODA at a 1:1 rate. Kraken will support SODA trading against USD and EUR. ICX was the native token of the ICON Network, a South Korean layer-1 blockchain that launched its mainnet in 2018. Of the two launch networks, Sonic is a layer-1 blockchain, while Arbitrum is an Ethereum layer-2 scaling network.

Kraken paused ICX trading and funding on Aug. 7 and completed the migration between Aug. 10 and 14, matching the schedule the exchange outlined in July. SODA has also traded on other venues, including Coinone and Bound Exchange, since earlier this year.

“Every completed listing is a vote of confidence in where SODAX is headed, not only where it started,” said Min Kim, founder of SODAX. “Kraken gives SODA a permanent global home, and a level of access that matters to holders old and new.”

SODA Trading Live on 20 Networks

SODAX is an execution system that lets money move, lend, trade and settle across blockchain networks without requiring users or builders to manage bridges or wrapped assets. The cross-network model now spans 20 networks, including Ethereum, Solana, Sui and Bitcoin, with applications across them integrating SODAX infrastructure to ship features and extend their reach in the market.

The system separates execution from custody. Independent solvers compete to fill user intents, meaning the specific outcomes a user wants, such as a trade or a loan, while SODAX coordinates routing and settlement. At the center of this execution system and the fees it generates is its governance token, SODA. The solver-based design places SODAX within a broader industry shift toward intent-based execution, in which users state the outcome they want and competing fillers determine how to deliver it.

SODA’s total supply is capped at 1.5 billion tokens, has no token emissions and cannot be increased. A share of every fee generated by routing transactions through the SODAX system is directed to several fee-generated growth objectives: 20% contributes to a programmatic buy-back and burn that permanently removes SODA from circulating supply and drives the token’s deflationary nature, 20% is directed to SODA staking rewards, and the remaining 60% is directed to the SODAX DAO and its liquidity inventory.

The design fits within SODAX’s broader strategy as infrastructure for modern money. Wallets, DEXs, lending protocols and yield platforms integrate the SODAX SDK to ship cross-network features across 20 blockchain networks. As additional partners and routes are served by the infrastructure, this drives increased volume and fees directed toward the growth flywheel.

In addition to serving execution for partner products across its 20 integrated blockchain networks, the SODA token also exists natively on each of these networks, with trade routed through the execution system’s shared unified cross-network liquidity. Of these, Sonic and Arbitrum are supported by Kraken at launch, giving the market more options for trade.

“As new blockchain networks keep emerging, fragmentation only accelerates, and there are not enough systems built to service all of them,” Kim said. “SODAX is built to meet that as it happens. Trading access on Kraken and maintaining our compliance with regulatory standards are part of the same story to create a rigorous execution system that is built to last.”

MiCA Whitepaper Filed With Central Bank of Ireland

Alongside the listing, SODAX has also published its MiCA-compliant crypto-asset whitepaper for SODA, notified to the Central Bank of Ireland as its competent authority and recognized across the European Economic Area (EEA). MiCA — the EU’s Markets in Crypto-Assets Regulation, whose core provisions have applied across the bloc since the end of 2024 — replaced a patchwork of national crypto rules with a single rulebook and generally requires issuers offering crypto-assets to EU investors or seeking admission to trading on regulated venues to publish and notify such a whitepaper with a competent authority, unless an exemption applies.

Combined with the Kraken listing, this step allows SODA to be traded worldwide at launch, meeting the exchange’s standard of token compliance. The industry has continued to experience shock and consolidation around this new regulatory baseline in Europe. This filing (ID 3532007) supports SODA being offered and admitted to trading on regulated venues across the EU and reaffirms SODAX’s approach to meeting the shifting regulatory expectations of the industry and operating transparently within Europe’s crypto regulatory framework.

About SODAX

SODAX is a cross-network execution and liquidity system spanning 20 networks, encompassing a range of EVM and non-EVM networks, including Bitcoin. Wallets, DEXs and lending protocols integrate the SODAX SDK to ship cross-network features faster and extend their reach to every network SODAX touches. SODAX is infrastructure for modern money.

About Kraken

Founded in 2011, Kraken is one of the world’s longest-standing and most secure cryptocurrency platforms. Trusted by over 13 million users globally, Kraken offers a vertically integrated infrastructure stack spanning spot trading, derivatives, staking, and payments across more than 600 digital assets and six national currencies.

Regulatory notice: This release has not been reviewed or approved by the Central Bank of Ireland or any other competent authority. It should be read together with SODA’s MiCA crypto-asset whitepaper, notified under ESMA registration ID 3532007 and published at icon.foundation/projects/publications. Information about SODA tokenomics, staking mechanics, and programmatic burn activity is provided for informational purposes only and does not constitute financial, investment, or legal advice. Reward rates are variable and based on protocol fee volume; past performance is not indicative of future results.

Press Contact: John Hooley, press@sodax.com

Twitter/X: @gosodax

Press Kit: sodax.com/brand