Price Feed Request: ICON + Sodax Protocol ICX & SODA

Price Feed Council
1

Overview

This proposal requests deployment of a price feed for the ICX token, along with symbolic mapping support for the SODA token. The ICX token is migrating 1:1 onto a new blockchain and will be renamed SODA. ICX holders will receive SODA on a one-for-one basis. These assets serve critical roles in two distinct but connected layers:

  • ICON is a longstanding Layer 1 blockchain and the issuer of the ICX token.

  • Sodax is a modular, cross-chain DeFi infrastructure stack built on Sonic, a high-performance Layer 1. Sodax enables intent-based swaps, lending, stablecoin minting, and wallet abstraction across EVM and non-EVM chains.

As Sodax expands into new ecosystems and migrates economic activity from ICON, scalable and reliable price feeds are essential.

ICON Asset Context

The ICX token has been actively traded since 2017 and remains liquid and widely distributed across Tier 1 exchanges. It is currently undergoing a protocol-level migration into the new SODA token, which will inherit its price feed until market depth is established.

Current Metrics (as of August 27, 2025)
(Source: CoinGecko)

  • Market Cap: ~$100.7 million

  • 24H Trading Volume: ~$2.95 million

  • Circulating Supply: ~1,073,190,384 ICX

  • Major Exchanges: Binance, Upbit, Bithumb, Kraken, Gate.io, Huobi, OKX

Sodax Infrastructure

Sodax is a modular application infrastructure layer built on Sonic, operating through a hub-and-spoke model. It abstracts cross-chain complexity and unifies liquidity across ecosystems. The protocol provides SDKs for dApps, wallets, and DeFi platforms to integrate:

  • Cross-chain swaps via intent-based solvers

  • Multi-chain lending through a money market

  • Overcollateralized stablecoin minting (bnUSD)

  • Wallet abstraction using deterministic accounts and GMP routing

The Sodax execution engine relies heavily on oracle feeds for collateral valuation, liquidation triggers, solver quoting, and bnUSD minting logic. SODA, the token ICX will migrate to, will rely on the ICX/USD feed for all protocol functions during the migration phase.

Why Pyth

After evaluating multiple oracle solutions, Sodax identified Pyth as the ideal fit due to:

  • A one-time per-symbol cost model that scales efficiently across chains

  • Broad chain coverage, aligned with Sodax’s multichain footprint

  • Compatibility with Sodax’s existing oracle adapter architecture

A Pyth ICX feed will enable consistent pricing across Sonic, Arbitrum, Base, BNB Chain, Sui, Solana, and Stellar, all part of the current Sodax deployment roadmap.

Requested Feed Details

  • Asset: ICX

  • Mapping: Include support for SODA as a symbolic mapping to be updated when exchanges confirm migration date

  • Payment in USDC

Proposed Plan

This proposal requests a one-time cost of 25,000 USDC, payable to the Pyth DAO.

  • 12,500 USDC initial payment to initiate feed deployment

  • 12,500 USDC final payment upon successful mainnet delivery

Conclusion

ICON provides the historical liquidity and asset footprint; Sodax delivers the execution infrastructure and multichain distribution. Together, they represent a migration of real users, real liquidity, and real usage from legacy architecture into a modern, intent-driven framework.

This feed will support meaningful economic activity across multiple chains and unlock important functionality for new and existing DeFi participants.

References
sodax.com | Sodax Documentation | hanawallet.io | balanced.network | ICON Foundation Blog | Discord

5 Likes
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Hi there Fez and the ICON + Sodax team,

Thank you for your detailed request and, most importantly, for your interest in the Pyth Network. As a Price Feed Council member, I find your proposal highly valuable, and I am excited by your willingness to support the Network’s growth.

Based on the information you provided - particularly the trading volume and listing venues - I see no barriers to the Council approving this proposal.

It is also wonderful to see that you plan to support the DAO in conjunction with your request. This truly highlights your commitment to the Network and aligns with the Council’s ongoing efforts to foster its development. I am personally in favor of moving forward with your proposal and will work to help fulfill your request as soon as possible.

That said, it is extremely important to emphasize that the Price Feed Council’s ultimate decision will be governed by the technical requirements we consistently apply when considering new price feeds (which seems to be the case, based on the above numbers), and any Publisher must meet the Pyth Network’s high standards.

Additionally, the funds received will be directed to the DAO treasury - where the Governance Stakers (=DAO Members) control and decide on the allocation of these resources to support and grow the Network. The Council itself, or its members, will not receive any portion of these funds, maintaining our focus on non-profit work dedicated to the network’s advancement.

For further information, please refer to the DAO constitution and the DAO treasury wallet (Gx4MBPb1vqZLJajZmsKLg8fGw9ErhoKsR8LeKcCKFyak), which you can find at the following website: governance/docs/constitution/pyth-dao-constitution.md at main · pyth-network/governance · GitHub

Thank you again for your engagement with the Pyth Network, and I look forward to collaborating further as we evaluate your proposal.

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I am not on the Price Feed Council, but I personally second your motion.

Glad the Price Feed Council are already looking into this :crystal_ball:

3 Likes