Decentralized finance cellular “superapp” Legend has introduced it’s winding down after about two years of operation, including to a string of crypto apps deciding to close down this 12 months.
Legend was a DeFi aggregator that aimed to convey DeFi to its customers fairly than forcing them to signal into a number of completely different wallets or purposes to make use of their crypto.
“We believed the precise interface might put DeFi’s strongest primitives in entrance of mainstream customers.” Legend co-founder Jayson Pastime stated on Tuesday.
Nevertheless, regardless of the product discovering an viewers, it didn’t “develop to the dimensions the corporate wanted to be sustainable long-term,” stated Pastime. “Closing is the precise name for our staff and our buyers.”
Over 20 DeFi, NFT and GameFi protocols have introduced they’re shutting down this 12 months, together with ZeroLend, which stated in February that it deliberate to close down after three years of operations, citing an unsustainable enterprise mannequin.
Closure discover on the Legend web site. Supply: Legend.xyz
Solana DeFi aggregator Step Finance stated it was closing down in February after a $40 million treasury pockets breach in January, and DeFi derivatives protocol Polynomial additionally ceased operations in February.
Balancer Labs, the staff behind the DeFi protocol Balancer, shuttered in March after mounting monetary stress following a $116 million hack in November.
In the meantime, Seamless Protocol, a DeFi lending protocol on Base, stated it was winding down in April, blaming unstable market situations.
Customers don’t care whether or not product is onchain or not
Legend is a non-custodial, mobile-first DeFi aggregator launched round late 2024 by former Compound Finance executives, together with CEO Pastime. It’s used for incomes, buying and selling, borrowing and swapping belongings like stablecoins and Ether by way of integrations with different DeFi protocols reminiscent of Aave, Compound and Uniswap.
It aimed to convey DeFi to its customers fairly than forcing them to signal into a number of completely different wallets or purposes to make use of their crypto.
It introduced its first funding spherical, elevating $15 million from Andreessen Horowitz and Coinbase Ventures, in February 2025.
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Nevertheless, Pastime stated that mainstream customers don’t care if a product is onchain or not. “They need outcomes,” he stated. “Higher yield, sooner funds, extra management over their cash.”
“The product that wins isn’t the one which explains crypto higher, it’s the one which hides it utterly. The advantages are felt, not defined.”
Legend has not disclosed lively person counts or complete worth locked figures, because it operates as an aggregator, however the TVL for the broader DeFi ecosystem has tanked 50% since October within the wider crypto bear market.
The Legend app will maintain operating usually for the subsequent 60 days and can go offline on July 12, stated Pastime.
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