#Synthetix Shuts Down Arbitrum Market#

Synthetix has announced the closure of its perpetual contract market on Arbitrum, entering a close-only mode where users cannot open new positions or increase existing ones. This move is part of Synthetix's strategic realignment, aiming to consolidate operations and focus on Coinbase's Base network. Synthetix will gradually guide liquidity providers to migrate to the Base network, offering additional incentives. As USDx on Arbitrum is phased out, the Synthetix Treasury has begun buying back USDx from the market, providing stability and liquidity support. Synthetix plans to integrate ecosystem projects like Kwenta and TLX into a unified native trading platform. This move indicates Synthetix's shift in focus towards the Base network, aiming to build a stronger trading platform on Base by consolidating resources and ecosystem projects.