#Synthetix Shuts Down Arbitrum Market#

Synthetix has announced the closure of its perpetual contract market on Arbitrum, entering "close-only mode." This move is part of a strategic shift 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. This decision means Synthetix will no longer facilitate new trading activity on Arbitrum, preventing users from opening new positions or increasing existing ones.Synthetix also announced the gradual discontinuation of USDx on Arbitrum, repurchasing 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, further enhancing its development on the Base network. This initiative demonstrates Synthetix's proactive pursuit of new directions, aiming for more efficient operations and growth by consolidating resources and focusing on the Base network.