#Synthetix Shuts Down Arbitrum Market#

Synthetix has announced the closure of its perpetual contract market on the Arbitrum network, transitioning it into a liquidation-only mode. 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 for support. 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, offering more features on the Base network. This strategic shift indicates Synthetix's pursuit of a more centralized development direction, hoping to enhance efficiency and competitiveness by consolidating resources and focusing on the Base network.