Legend to Shut Down Its $15M-Backed DeFi Mobile App

Legend, a mobile decentralized finance aggregator backed by $15 million, announced it is winding down after roughly two years and will take its app offline on July 12. The firm stated the product did not grow to the scale needed to be sustainable and that winding down was the right decision for the team and investors.

The app was a non-custodial, mobile-first aggregator that let users earn, trade, borrow and swap assets through integrated DeFi protocols such as Aave, Compound and Uniswap. Non-custodial means users kept control of their private keys rather than the company holding funds.

Legend was founded by former executives from Compound Finance. The startup raised $15 million in a February 2025 funding round from Andreessen Horowitz and Coinbase Ventures.

Legend said the app will continue to operate normally for 60 days and then go offline on July 12.

The company did not disclose active user numbers or total value locked, saying its role as an aggregator makes those figures less directly meaningful. The wider DeFi market has seen activity and capital decline, with total value locked in many protocols about half of what it was in October.

The shutdown follows a string of closures among crypto apps this year. ZeroLend announced plans to close in February after three years of operation, citing an unsustainable business model. Step Finance stopped operating in February after a January breach drained a $40 million treasury wallet. Polynomial ceased operations in February. Balancer Labs said it would shutter in March after a $116 million hack in November. Seamless Protocol announced a wind-down in April, citing volatile market conditions.

Co-founder and CEO Jayson Hobby wrote that the company aimed to put DeFi tools in front of mainstream users through a better interface. “We believed the right interface could put DeFi’s most powerful primitives in front of mainstream users,” Hobby wrote.

Hobby added that mainstream customers focus on outcomes rather than whether services run onchain. “They want outcomes. Better yield, faster payments, more control over their money,” he wrote. “The product that wins isn’t the one that explains crypto better, it’s the one that hides it completely. The benefits are felt, not explained.”

Company leaders concluded the app would not reach the scale needed for long-term viability and chose to cease operations.