According to Odaily, NFT perpetual contract trading platform, Nftperp, has announced its decision to concentrate on the Blast blockchain. As part of this strategic shift, the platform will be closing down the Arbitrum market. Starting from today, Arbitrum traders are encouraged to adjust their positions accordingly. Prior to market settlement, the initial margin requirement for new positions will be increased to 50%, equivalent to a two-fold leverage.
To ensure a smooth transition, all unsettled positions on Arbitrum will be automatically settled on Monday, June 3rd. This settlement will be based on the tracking index price of the past seven days. Nftperp has advised its users to complete their transactions before this date in order to manage their positions as needed.