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2d ago

DeFi Aggregator Legend to Shut Down in July After Failing to Reach Scale

The shutdown underscores pressure on consumer DeFi from weak usage, security blowups, tighter funding.

Defi superapp legend to go offline in july after two years
Legend operated as a mobile-first non-custodial DeFi aggregator

Overview

  • Legend, which announced the decision Wednesday, will keep the app live for 60 days and go offline on July 12.
  • CEO Jayson Hobby said the product attracted users but did not reach a size that could sustain the business long term.
  • The startup raised $15 million in February 2025 from Andreessen Horowitz and Coinbase Ventures.
  • Built by former Compound Finance executives, the mobile non-custodial app routed trades, borrowing, and yield through Aave, Compound, and Uniswap, yet it never disclosed active users or TVL.
  • The exit adds to this year’s DeFi retrenchment, with Step Finance, Parsec, Balancer Labs, ZeroLend, and others closing after hacks, lower activity, or funding strain.