Songfacts®:

• This bouncy, guitar-laden song is a single from the American hip-hop collective and record label Internet Money's debut album, B4 The Storm. The track features verses by Gunna and Nav where they boast about their wealthy and hedonistic lifestyles. Don Toliver's hook finds him referencing the double meaning of "ice": a popular slang term for high class jewelry and frozen water placed in lemonade to cool the drink.
• "Lemonade" originated with a song of the same title recorded by rapper and singer Jozzy. Written by Jozzy with artist/producer Johnny Yukon, it was produced by Internet Money members Taz Taylor, E-Trou, and Nick Mira.
  
  Don Toliver ended up recording a demo of the same tune. When Taylor decided he wanted Toliver on B4 The Storm, the label, APG, offered him an a cappella version of the Houston singer's version of "Lemonade." Producer and writer Alec Wigdahl added the guitar to the track in the living room of co-producer Nick Mira's house.
  
  Wigdahl's guitar reminded Taylor of Travis Scott's Astroworld track, "Yosemite," which also featured Nav. After originally considering asking Scott to jump on the track, Taylor decided to add Gunna and NAV instead.