#Synthetix Shuts Down Arbitrum Market#
Hot Topic Overview
Overview
Synthetix has announced the closure of its perpetual contract market on the Arbitrum network, moving it into liquidation-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 also means Synthetix will gradually discontinue USDx on Arbitrum, buying back USDx from the market to provide stability and liquidity support. Synthetix also 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, shifting its focus to Coinbase's Base network. This move is part of Synthetix's strategic realignment, aiming to streamline operations and concentrate resources. Currently, the perpetual contract market on Arbitrum has entered "close-only mode," preventing users from opening new positions or adding to existing ones. Synthetix will gradually guide liquidity providers to migrate to the Base network, offering additional incentive support. Meanwhile, the Synthetix Treasury has begun buying back USDx from the market to provide stability and liquidity support. Additionally, Synthetix plans to integrate ecosystem projects like Kwenta and TLX into a unified native trading platform. This strategic adjustment indicates that Synthetix is actively seeking new directions, hoping to achieve more efficient operations and stronger development by consolidating resources and focusing on the Base network.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Synthetix will consolidate operations and focus on Coinbase's Base network.
Synthetix will gradually guide liquidity providers to migrate to the Base network and provide additional incentive support.
Synthetix will integrate ecosystem projects such as Kwenta and TLX into a unified native trading platform.
Synthetix's perpetual contract market on Arbitrum has entered a close-only mode, and users cannot open new positions or increase existing positions.