TechFlow reports that on January 10, Synthetix announced it is shifting the operational focus of its perpetual contract markets to the Base network. Its perpetual contract market on Arbitrum will be shut down and has already been set to close-only mode, meaning users can no longer open new positions or increase existing ones. USDx on Arbitrum needs to be withdrawn alongside the Arbitrum perpetual products. The Synthetix Treasury has purchased USDx from the open market and funded a wrapper to support exchanging USDx for USDe.
Synthetix encourages traders to migrate trading activities to the Base network, where all markets previously available on Arbitrum are now accessible. Traders can directly transfer funds cross-chain via its Swap interface.
