#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 aims to focus resources on Coinbase's Base network. Synthetix believes Base will be the core platform for its future development and new features, with plans to integrate ecosystem projects like Kwenta and TLX into a unified native trading platform. To facilitate the migration, Synthetix has begun buying back USDx from the Arbitrum market, providing stability and liquidity support. They are also encouraging liquidity providers to migrate to Base with additional incentives. Users can no longer open new positions or increase existing ones on Arbitrum, but can still close or reduce existing positions. This strategic shift by Synthetix aims to consolidate operations and focus on Base network vertical integration for more efficient and centralized development.