#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 a 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 to support the transition. This move aims to integrate Synthetix's ecosystem projects, such as Kwenta and TLX, into a unified native trading platform. Synthetix believes that the Base network will become the core development platform for launching its latest features and will offer additional incentives on Base to facilitate migration. Currently, USDx on Arbitrum is being gradually phased out, with the Synthetix Treasury starting to buy back USDx from the market to provide stability and liquidity support. Existing positions can still be closed or reduced during the Arbitrum retirement period.