#Synthetix Shuts Down Arbitrum Market#
Hot Topic Overview
Overview
Synthetix has announced the closure of its perpetual contract market on the Arbitrum network, which is now in liquidation-only mode. Users are unable to open new positions or increase existing ones. This move is part of Synthetix's strategic realignment, aiming to streamline operations and focus on Coinbase's Base network. Synthetix will gradually guide liquidity providers to migrate to the Base network, offering additional incentives. Furthermore, Synthetix plans to integrate ecosystem projects like Kwenta and TLX into a unified native trading platform.
Ace Hot Topic Analysis
Analysis
Synthetix has announced the closure of its perpetual contract market on the Arbitrum network, moving it into "close-only mode." This move is part of a strategic shift for Synthetix, 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 to support the transition. This means Synthetix will no longer support USDx on the Arbitrum network and has begun buying back USDx from the market to provide stability and liquidity support. Synthetix plans to integrate ecosystem projects like Kwenta and TLX into a unified native trading platform, with the Base network serving as the core development platform for its latest features.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Synthetix strategic adjustment, integrating operations and focusing on Coinbase's Base network
Synthetix will gradually guide liquidity providers to migrate to the Base network and provide additional incentive support
Synthetix will gradually discontinue USDx on Arbitrum and buy back USDx from the market to provide stability and liquidity support
Synthetix plans to integrate ecosystem projects such as Kwenta and TLX into a unified native trading platform