Decentralized finance cell “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 deliver DeFi to its customers moderately than forcing them to signal into a number of totally different wallets or purposes to make use of their crypto.
“We believed the appropriate interface might put DeFi’s strongest primitives in entrance of mainstream customers.” Legend co-founder Jayson Interest said 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,” mentioned Interest. “Closing is the appropriate name for our workforce and our traders.”
Over 20 DeFi, NFT and GameFi protocols have introduced they’re shutting down this 12 months, including ZeroLendwhich mentioned 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 mentioned 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 workforce 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, mentioned it was winding down in April, blaming risky market circumstances.
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 Interest. It’s used for incomes, buying and selling, borrowing and swapping belongings like stablecoins and Ether through integrations with different DeFi protocols reminiscent of Aave, Compound and Uniswap.
It aimed to deliver DeFi to its customers moderately than forcing them to signal into a number of totally 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, Interest mentioned that mainstream customers don’t care if a product is onchain or not. “They need outcomes,” he mentioned. “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 energetic consumer 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 hold operating usually for the subsequent 60 days and can go offline on July 12, mentioned Interest.
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