The legend of the DeFi app will be closed after the development targets are lost

Decentralized financial mobile “SuperApp” legend has announced it is shutting down after two years of operation, adding to the number of crypto apps that have decided to shut down this year.

Legend was a DeFi aggregator that aimed to bring DeFi to its users instead of forcing them into many different wallets or applications.

“We believed that the right interface could put Defin's most powerful primitives in front of end users.” Tradition co-founder Jason Hobby said Tuesday.

But, while the product found an audience, “the company didn't grow enough to be sustainable,” Hubby said. “Closing is the right call for our team and our investors.”

More than 20 DeFi, NFT and GameFi protocols have announced their closure this year, including ZeroLend, which plans to close in February after three years of operations, citing an unsustainable business model.

Notice of closing on the Legend website. Source: Legend.xyz

Solana DeFi aggregator StepFinance said it was shutting down in February after a $40 million Treasury wallet breach in January, and DeFi derivatives protocol Polynomial also ceased operations in February.

Balancer Labs, the team behind the DeFi protocol Balance, shut down in March after mounting financial pressure following a $116 million hack in November.

Meanwhile, Seamless Protocol, the DeFi lending protocol at Base, said it was slowing down in April, blaming volatile market conditions.

Users do not care whether the product is onchain or not

A legendary non-guardian, the mobile-first DeFi aggregator was launched around the end of 2024 by former Compound Finance executives, including CEO Hobby. It integrates with other DeFi protocols such as Aave, Compound and Uniswap to acquire, trade, borrow and exchange assets such as stablecoins and Ether.

It aims to bring DeFi to its users instead of forcing them to log into many different wallets or applications.

It announced its first round of funding in February 2025, raising $15 million from Andreessen Horowitz and Coinbase Ventures.

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However, Hobby says end users don't care whether a product is chained or not. “They want results,” he said. “Better products, faster payments, more control over their money.”

“The winning product isn't the one that best explains crypto, it completely hides it. The benefits are known, not explained.”

Legend doesn't disclose active user counts or total value numbers, as it acts as an aggregator, but TVL is up 50% since October in a broader crypto bear market for the broader DeFi ecosystem.

The Legend app will continue to work normally for the next 60 days and will be offline on July 12, Hobby said.

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