#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 streamline 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 initiative aims to consolidate Synthetix's ecosystem projects, such as Kwenta and TLX, into a unified native trading platform, further propelling its growth on the Base network. Synthetix has already begun buying back USDx from the Arbitrum market, providing stability and liquidity support to ensure users can smoothly liquidate existing positions. As USDx on Arbitrum is gradually phased out, Synthetix will introduce more features and incentives on the Base network, attracting users and liquidity providers to migrate to its new core development platform.