Synthetix said its perps markets on Arbitrum have been sunset and set to close-only mode, where traders can no longer open new positions or increase existing ones.

This is due to Synthetix’s strategic pivot to consolidate operations and focus on a single network — Coinbase’s Base network. 

This comes with the sunset of Arbitrum’s USDx, which is essential for perps trading on Arbitrum and will be managed by the Synthetix Treasury. The Treasury has begun purchasing USDx from the market and funding a wrapper for stability and liquidity.

“This decision follows the sharp pivot in Synthetix’s product strategy to vertically integrate rather than exist solely as a platform,” the project noted.

Synthetix Perps is a decentralized perpetual futures trading platform built on the Synthetix protocol, allowing users to trade various synthetic cryptocurrencies with leverage. Its version 3 operates on Base and Arbitrum — Layer 2 optimistic rollups on Ethereum.

Last month, Synthetix v3 recorded a monthly volume of $274 million on Base, while its Arbitrum V3 deployment saw $86.2 million during the same period. 

Synthetix has asked liquidity providers on its Arbitrum platform to migrate their positions to Base, where additional incentives will be offered for a limited time.

Existing positions will remain active on Arbitrum during its deprecation process, and traders can close or reduce them anytime.

The project noted that it is also integrating acquired ecosystem projects, such as Kwenta and TLX, into a unified native trading platform.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。