Legend, a mobile DeFi app backed by Coinbase Ventures and a16z crypto, will shut down on 12 July after two years. The company raised $15 million in a February 2025 seed round led by Andreessen Horowitz. In his shutdown announcement, founder Jayson Hobby, a former Compound Finance and Coinbase executive, argued that mainstream users don't care whether products are on-chain. "The product that wins isn't the one that explains crypto better, it's the one that hides it completely," he wrote. The iOS app offered one-tap access to DeFi yields, swaps and borrowing strategies. Whilst it found an audience, it never reached the scale needed to justify operating costs. Users have until 12 July to withdraw funds, with documentation remaining available for 60 days after shutdown.

Legend, a decentralised trading protocol, has raised $3.5 million in a seed funding round led by Electric Capital, with participation from Amber Group and GSR. The investment brings the company's total funding to over $5 million. The funding was announced on 30 April. No further details about the protocol's specific features or planned use of funds were disclosed.