{"id":20229,"date":"2025-01-11T18:18:23","date_gmt":"2025-01-11T16:18:23","guid":{"rendered":"https:\/\/forklog.com\/en\/synthetix-to-phase-out-arbitrum-in-favour-of-base\/"},"modified":"2025-01-11T18:18:23","modified_gmt":"2025-01-11T16:18:23","slug":"synthetix-to-phase-out-arbitrum-in-favour-of-base","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/synthetix-to-phase-out-arbitrum-in-favour-of-base\/","title":{"rendered":"Synthetix to phase out Arbitrum in favour of Base"},"content":{"rendered":"<p>The team behind Synthetix, a DeFi platform for synthetic assets, <a href=\"https:\/\/x.com\/synthetix_io\/status\/1877073866461426013?t=Our_rqKHkiaUCXzXGNtjwg&#038;s=31\">announced<\/a> a gradual phase-out of support for perpetual contracts on the Arbitrum L2.<\/p>\n<p><!--more--><\/p>\n<p>The relevant markets will be switched to &#8220;close-only&#8221; mode, under which traders can no longer open new positions or add to existing ones.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>&#8220;Today, Synthetix is moving Perps on Arbitrum into close-only mode to focus resources on the flagship third version on Base. This step is aimed at providing traders with the most liquid, reliable and user-friendly experience with on-chain derivatives,&#8221; the developers explained.<\/cite><\/p><\/blockquote>\n<p>They will also discontinue support for USDx on Arbitrum, which was required to enable trading in these instruments.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>&#8220;The decision followed a sharp shift in Synthetix\u2019s product strategy towards vertical integration,&#8221; project representatives noted.<\/cite><\/p><\/blockquote>\n<p>Perps is a decentralised platform for trading perpetual futures built on the Synthetix protocol. Users can trade various synthetic cryptoassets with leverage. The third version of the platform runs on Base and Arbitrum\u2014Ethereum layer-2s based on optimistic rollups.<\/p>\n<p>The Base ecosystem outpaces Arbitrum by total value locked (TVL).<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"382\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/base_vs_arb-1024x382.png\" alt=\"base_vs_arb\" class=\"wp-image-249362\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/base_vs_arb-1024x382.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/base_vs_arb-300x112.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/base_vs_arb-768x287.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/base_vs_arb.png 1296w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/defillama.com\/chains\">DeFi Llama<\/a>.<\/figcaption><\/figure>\n<p>The gap is even more pronounced in on-chain metrics such as daily transaction volume and the number of active addresses.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"401\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/base_onchain-1024x401.png\" alt=\"base_onchain\" class=\"wp-image-249363\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/base_onchain-1024x401.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/base_onchain-300x117.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/base_onchain-768x301.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/base_onchain.png 1037w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/www.theblock.co\/data\/scaling-solutions\/optimistic-rollups\">The Block<\/a>.<\/figcaption><\/figure>\n<p>Backed by the crypto exchange Coinbase, Base is built on Optimism\u2019s <a href=\"https:\/\/optimism.mirror.xyz\/fLk5UGjZDiXFuvQh6R_HscMQuuY9ABYNF7PI76-qJYs\">OP Stack<\/a> architecture. The L2 has no governance token. <\/p>\n<p>The launch of Synthetix\u2019s third version on Base <a href=\"https:\/\/forklog.com\/en\/news\/synthetix-unveils-third-version-of-protocol-on-base\">took place in January 2024<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The team behind Synthetix, a DeFi platform for synthetic assets, announced a gradual phase-out of support for perpetual contracts on the Arbitrum L2.<\/p>\n","protected":false},"author":1,"featured_media":20228,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1335,1321,1093,1322],"class_list":["post-20229","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-arbitrum-arb","tag-base","tag-defi","tag-synthetix"],"aioseo_notices":[],"amp_enabled":true,"views":"57","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/20229","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=20229"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/20229\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/20228"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=20229"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=20229"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=20229"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}