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DeFi App Legend Will Shut Down July 12 After Falling Short on Growth

The decision reflects a broader DeFi retrenchment driven by weak activity alongside high-profile hacks.

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

Overview

  • Legend will keep operating for 60 days and plans to go offline on July 12.
  • CEO Jayson Hobby said the product found users but never reached a scale that could support the business long term.
  • The startup raised $15 million in February 2025 from Andreessen Horowitz and Coinbase Ventures.
  • The app was a non-custodial, mobile hub that tied into Aave, Compound, and Uniswap for earning, trading, borrowing, and swapping.
  • The shutdown comes during a DeFi pullback, with total value locked down about 50% since October and peers like Step Finance and Balancer Labs closing after major security hits.