PANews reported on January 10 that Synthetix announced that its perpetual contract market on Arbitrum has entered a closed-only mode, and users cannot open new positions or increase existing positions. This move is part of Synthetix's strategic adjustment to integrate operations and focus on Coinbase's Base network.

As USDx on Arbitrum is gradually decommissioned, Synthetix Treasury has begun to repurchase USDx from the market and provide stability and liquidity support. Synthetix has asked liquidity providers on the Arbitrum platform to migrate to Base, and will provide additional incentives on Base to promote migration. Existing positions can still be closed or reduced during the decommissioning of Arbitrum. In addition, Synthetix also plans to integrate ecological projects such as Kwenta and TLX into a unified native trading platform.