Question 1

What is ICON (ICX)?

Accepted Answer

ICX is the native cryptocurrency of the ICON Network, a Layer 1 blockchain launched by the ICON Foundation. The network supports smart contracts, decentralised applications and on-chain governance, while ICON's development also expanded into technology for communication between different blockchain networks.

ICX originally launched as an ERC-20 token during the development of ICON. Following the launch of the ICON mainnet, holders were able to exchange the ERC-20 token for native ICX, which became the network's currency.

The ICON project has since transitioned to SODAX, a cross-network liquidity and execution system. As part of this transition, ICX is being replaced by SODA. ICX holders can migrate their tokens to SODA at a 1:1 ratio. The ICON Network is scheduled to shut down permanently on 31 December 2026, which is also the final deadline for migrating ICX to SODA.

Question 2

What is ICON (ICX) used for?

Accepted Answer

ICX is used to pay transaction fees on the ICON Network and has historically been used for staking, network governance and applications built on ICON.

Under ICON's governance system, ICX holders could stake their tokens and delegate them to validators responsible for operating and governing the network. ICX has also been used as an asset within decentralised finance applications operating on ICON.

The role of ICX is being phased out as the ICON project transitions to SODAX. Holders can exchange ICX for SODA, which serves as the token for the project's new infrastructure. Following the planned shutdown of the ICON Network on 31 December 2026, ICX will no longer function as the native currency of an active ICON blockchain.

Question 3

Who created ICON (ICX)?

Accepted Answer

ICON was initiated by the ICON Foundation in 2017. The Foundation is a non-profit organisation established in Zug, Switzerland to support the development of the ICON project and related open-source blockchain technology.

Min Kim has served as Chairman and President of the ICON Foundation since 2017 and was one of the main figures involved in the development of the ICON project. The Foundation's focus has since shifted from the ICON Layer 1 network to SODAX, which developed from the ICON project and its work on blockchain interoperability.

#	Instrument	Exchange	Benchmark Score	Price	24h Change	24h Volume	24h Trades	24h Open	24h High
1	ICX-USDT ICXUSDT_SPBL	bitget	BB	0.009360USDT	-10.00%	142,090.53ICX	370	0.01040USDT	0.01089USDT
2	ICX-USDT ICX-USDT	kucoin	BB	0.008790USDT	0.00%	0ICX	0	0.008790USDT	0.008790USDT
3	ICX-KRW KRW-ICX	upbit	B	19.60KRW	0.00%	339,704,402.46ICX	11,333	19.60KRW	21.90KRW
4	ICX-KRW ICX_KRW	bithumbkorea	-	14.77KRW	-9.05%	20,772,287.89ICX	1,150	16.24KRW	17.16KRW
5	ICX-USDT icxusdt	huobipro	C	0.01240USDT	-2.36%	15,390,782.76ICX	4,630	0.01270USDT	0.01370USDT
6	ICX-USDT ICXUSDT	latoken	D	0.01373USDT	-0.15%	0ICX	0	0.01374USDT	0.01374USDT
7	ICX-INR ICXINR	bitbns	-	9.90INR	0.00%	0ICX	0	9.90INR	9.90INR