DeFi | Another DeFi App Shutting Down Amidst Market Pressures

Decentralized finance ‘super app,’ Legend, is shutting down after about two years of operations becoming the latest crypto platform to wind down amid continued pressure across the DeFi sector, according to a statement from the company’s Co-Founder, Jayson Hobby.

Legend, a mobile-first non-custodial DeFi aggregator, launched by former Compound Labs executives, said it failed to achieve the scale needed for long-term sustainability despite attracting users to its platform.

“We believed the right interface could put DeFi’s most powerful primitives in front of mainstream users,” Hobby said adding that shutting down was “the right call” for the team and investors.

The app, which allowed users to earn yield, trade, borrow and swap crypto assets through integrations with protocols including Aave, Compound and Uniswap, will remain operational for the next 60 days before going offline on July 12, the company said.

Legend raised $15 million in a February 2025 funding round backed by Andreessen Horowitz and Coinbase Ventures.

Its closure adds to a growing list of crypto projects that have shut down this year amid weak market conditions and declining activity across decentralized finance. More than 20 DeFi, NFT and GameFi protocols have announced closures in 2026, including

• ZeroLend,
• Step Finance and
• Polynomial.

Hobby said mainstream users were more focused on outcomes such as better yields and faster payments than whether a product was built on blockchain infrastructure.

Stay tuned to BitKE for updates into the state of DeFi.

Join our WhatsApp channel here.

Follow us on X for the latest posts and updates

Join and interact with our Telegram community

________________________________________________