The company said it failed to achieve the scale needed for long-term sustainability despite raising $15 million in funding from investors in 2025. The closure comes as more than 20 DeFi, NFT, and GameFi projects have shut down this year already due to declining user activity, financial pressure, hacks, and volatile market conditions. Crypto Superapp Legend Announces Shutdown Decentralized finance mobile superapp Legend announced that it will shut down after roughly two years of operation. The platform was designed to simplify decentralized finance for mainstream users, and said it would continue operating for another 60 days before officially going offline on July 12. Announcement on Legend’s website Legend launched as a mobile-first, non-custodial DeFi aggregator. The goal of the application was to make decentralized finance easier to use by allowing users to access multiple DeFi services from a single interface instead of navigating several wallets, protocols, and decentralized applications individually. Despite attracting investor backing and building a product that appealed to a niche audience, Legend co-founder Jayson Hobby admitted that the platform never reached the scale required to sustain the business long term. In a statement announcing the shutdown, Hobby explained that while the company strongly believed the right user interface could bring DeFi’s most powerful tools to mainstream users together, the project ultimately failed to grow fast enough to stay financially viable. He added that closing the platform was the right decision for both the team and its investors. X post from Jayson Hobby The company secured $15 million in funding during a February 2025 investment round backed by major crypto-focused firms including Andreessen Horowitz and Coinbase Ventures. However, even with this support from investors, Legend became another example of how difficult it has been for many crypto startups to stay operations during the prolonged downturn in decentralized finance activity. Legend’s closure comes during a period where dozens of DeFi, NFT, and GameFi projects have either shut down or announced plans to wind down operations. More than 20 protocols have reportedly closed this year alone due to falling user activity, shrinking revenues, hacks, and volatile market conditions. The trend has extended beyond smaller startups. Balancer Labs closed in March after financial strain caused by a major $116 million exploit last year. Hobby believes one of the industry’s biggest misconceptions is that consumers care deeply about whether a financial product operates on-chain. According to him, mainstream users are more interested in practical benefits like better yields, faster transactions, and greater control over their money than the underlying blockchain infrastructure itself. He argued that the crypto products most likely to succeed in the future will be the ones that completely hide the complexity of blockchain technology while still delivering its advantages in the background.
