SODAX functions as a cross-network execution and liquidity framework that synchronizes financial operations across 21 blockchain networks. These include Ethereum, Solana, Bitcoin, Sui, Stellar, Arbitrum, Base, BNB Chain, Avalanche, Polygon, Optimism, NEAR, Injective, Hedera, Stacks and Sonic. The system enables applications to provide lending, borrowing, and swap services that settle across different chains without forcing users to manually bridge assets or switch networks.

The initiative began as ICON, a Layer 1 blockchain introduced in 2017. In May 2025, the ICON Foundation revealed a shift toward SODAX, transferring core infrastructure to Sonic, an EVM-compatible Layer 1, and merging the BALN and ICX tokens into one token called SODA. Holders of ICX can migrate to SODA at a 1:1 ratio. The ICON Network underwent an economic shutdown in March 2026 and is set to stop operations on 31 December 2026, which serves as the final deadline for migration.

SODAX employs a hub-and-spoke design. Sonic serves as the hub chain holding liquidity and accounting records, while linked networks function as spokes. Actions taken on a spoke network are framed as intents, specifying the desired result rather than the specific transactions needed to achieve it. Solvers compete to fulfill these intents using the system's liquidity. Since balances reside on the hub, assets can be traded on any connected network even if the underlying liquidity is located elsewhere.

The platform supports various bridging routes, such as proprietary relays and compatibility with CCTP and LayerZero, avoiding reliance on a single external bridge. Assets stay native, meaning users do not need to hold wrapped versions.

Offerings include SODAX Swap for cross-chain trading, a money market supporting 27 assets for lending and borrowing, an AMM, and staking via SODAX Stake. The SODAX SDK allows wallets, DEXs, yield platforms, and lending protocols to integrate cross-network capabilities, tokenized equities, and native Bitcoin support into their own products. Partners developing on SODAX include Balanced, Bound, Hana Wallet, Houdini Swap, Pennysia, Lexur, Amped Finance and LightLink, with 27 recorded protocol integrations.

SODA acts as the governance and utility token for the ecosystem. It features a fixed maximum supply of 1.5 billion, replacing the uncapped emission structure previously used by ICX. Protocol fees support the DAO treasury, protocol-owned liquidity, and staking rewards. Part of the protocol revenue is utilized to purchase SODA on the market and burn it permanently, linking supply reduction to actual system usage instead of a predetermined schedule. Staking is accessible through SODAX Stake, which allocates a specific portion of protocol fees to stakers.

Smart contracts have undergone audits for implementations on Sui, Solana, Soroban, NEAR and Stacks, as well as for the relay layer and vault and lending contracts. The audit reports are publicly available.