Synthetix recently announced a major move to shift the focus of its perpetual contract market operations to the Base network. At the same time, the perpetual contract market on Arbitrum will be closed and has now entered a liquidation-only mode, where users cannot open new positions or increase existing positions. 📉

In addition, USDx on Arbitrum will also be withdrawn along with the perpetual contract product. To this end, the Synthetix Treasury purchased USDx from the open market and funded a wrapper that supports users to exchange USDx for USDe. This series of actions shows that Synthetix is ​​constantly adjusting its strategy to adapt to market changes. 🔄