Synthetix shuts down Arbitrum perpetual contract market, focusing on Base network

Synthetix has announced that its perpetual contract market on Arbitrum has entered a shutdown-only mode, where users cannot open new positions or increase existing ones. This move is part of Synthetix's strategic adjustment aimed at consolidating operations and focusing on the Base network.

As USDx on Arbitrum is gradually phased out, the Synthetix Treasury has begun to buy back USDx from the market and provide stability and liquidity support. Synthetix has asked liquidity providers on the Arbitrum platform to migrate to Base, offering additional incentives to facilitate this migration. Existing positions can still be closed or reduced during Arbitrum's retirement period. In addition, Synthetix also plans to integrate ecosystem projects such as Kwenta and TLX into a unified native trading platform.