Legend DeFi App to Shut Down After Two Years of Operation
- Legend, a decentralized finance (DeFi) mobile aggregator, is winding down after approximately two years.
- The app aimed to simplify access to DeFi by integrating multiple protocols, including Aave, Compound, and Uniswap.
- Over the past year, more than 20 DeFi and NFT protocols have shut down due to unsustainable business models.
- The total value locked (TVL) in the broader DeFi ecosystem has decreased by about 50% since October.
- Legend’s co-founder Jayson Hobby stated that mainstream users prioritize outcomes over whether a product is onchain.
Despite initial funding of $15 million from notable investors like Andreessen Horowitz and Coinbase Ventures, Legend could not achieve the scale needed for sustainability. The app will continue operating for another two months before shutting down completely on July 12.
The closure of Legend highlights ongoing challenges in the DeFi sector, as many projects struggle amid a declining market environment with significant reductions in TVL and user engagement.
