#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 incentive support. The Synthetix Treasury has begun buying back USDx from the market, providing stability and liquidity support. Additionally, Synthetix plans to integrate ecosystem projects like Kwenta and TLX into a unified native trading platform. This move indicates Synthetix's commitment to concentrating resources on the Base network, hoping to attract more users and liquidity providers through consolidated operations and additional incentives.