#Synthetix Shuts Down Arbitrum Market#

Synthetix has announced the closure of its perpetual contract market on the Arbitrum network, entering "close-only mode." This move is part of Synthetix's strategic shift 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. This is to integrate Synthetix's ecosystem projects, such as Kwenta and TLX, into a unified native trading platform. Synthetix believes that the Base network is the core development platform for launching its latest features and aims to achieve vertical integration by focusing on the Base network. Currently, USDx on Arbitrum is being phased out, and the Synthetix Treasury has begun buying back USDx from the market, providing stability and liquidity support. Synthetix hopes that this strategic adjustment will better integrate resources and provide users with better services.