Project founder Jason Hobby (former CEO of Compound) announced that the product had found its audience but hadn't reached the scale needed for a sustainable business. In February 2025, Legend raised $15 million from Andreessen Horowitz and Coinbase Ventures; however, even with support from major crypto investors, the company was unable to achieve long-term profitability.
Legend was a non-custodial mobile DeFi aggregator launched in late 2024 by former Compound team members. Through the app, users could earn, trade, borrow, and exchange assets—including stablecoins and ETH—via integrations with Aave, Compound, and Uniswap. The idea was to bring together key DeFi services in a single interface, eliminating the need for users to switch between wallets and apps.
In his farewell post, Hobby articulated the main takeaway: the mass user doesn't care whether a product runs on blockchain—it's all about the results: returns, payment speed, and control over their money. According to him, the app that wins isn't the one that explains crypto better, but the one that hides it completely.
The app will remain operational for another 60 days and will shut down on July 12. The company did not disclose either the number of active users or the total amount of funds on the platform. Users are advised to withdraw their funds before the shutdown date.
The closure of Legend fits into a broader trend: this year, more than 20 DeFi, NFT, and GameFi projects have announced their shutdowns, including ZeroLend, Step Finance, and Polynomial.
