Synthetix stops deploying on Arbitrum

Synthetix has announced that it is shifting its focus on operating its perpetual contract market to the Base network. Its perpetual contract market on Arbitrum will be closed and is currently set to only allow for closing positions, meaning users cannot open new positions or add to existing ones. USDx on Arbitrum will also need to be withdrawn alongside the perpetual contract products on Arbitrum. Synthetix Treasury has purchased USDx from the open market and funded a wrapper that supports the conversion of USDx to USDe.