According to Cointelegraph, the decentralized finance (DeFi) mobile "super app" Legend has announced it will shut down after approximately two years of operation, becoming the latest crypto app to decide to close this year.
Legend is a DeFi aggregator dedicated to bringing DeFi services directly to users, without forcing them to log in to multiple different wallets or apps to use their crypto assets.
Legend co-founder Jayson Hobby said on Tuesday, "We've always believed that the right interface can bring mainstream users to DeFi's most powerful primitives."
However, Hobby stated that although the product had a certain user base, its growth "did not reach the scale required for the company to achieve long-term sustainability." "Shutting down was the right decision for our team and investors."
More than 20 DeFi, NFT, and GameFi protocols have announced closures this year, including ZeroLend, which stated in February that it plans to shut down after three years of operation due to an unsustainable business model.
Closure notice on the Legend website. Source: Legend.xyz
Step Finance, a DeFi aggregator on Solana, shut down in February after losing $40 million from its treasury wallet in January. The DeFi derivatives protocol Polynomial also ceased operations in February.
Balancer Labs, the team behind the DeFi protocol Balancer, shut down in March amid growing financial pressures following a $116 million hack in November.
Meanwhile, Seamless Protocol, a DeFi lending protocol on Base, stated that it began gradually shutting down in April due to extreme market volatility.
Users don't care whether the product is on-chain.
Legend is a non-custodial, mobile-first DeFi aggregator launched around the end of 2024 by former Compound Finance executives, including CEO Hobby. The platform enables users to earn yield, trade, borrow, and swap assets such as stablecoins and Ethereum by integrating with other DeFi protocols like Aave, Compound, and Uniswap.
It aims to bring DeFi directly to users, without forcing them to log in to multiple different wallets or apps to use crypto assets.
The project announced in February 2025 that it had completed its first funding round, raising $15 million from Andreessen Horowitz and Coinbase Ventures.
However, Hobby said mainstream users don’t care whether the product is on-chain. “They want results,” he said. “Higher returns, faster payments, and greater control over their funds.”
The product that truly wins isn’t the one that explains cryptocurrency best, but the one that hides it entirely. Users feel the benefits—not the explained benefits.
Since Legend operates as an aggregator, it has not disclosed data on active users or total value locked (TVL); however, across the broader crypto bear market, the entire DeFi ecosystem's TVL has declined by 50% since October.
Hobby stated that the Legend app will continue to operate normally over the next 60 days and will be shut down on July 12.