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DeFi Aggregator Legend to Shut Down Operations After Two Years

DeFi Aggregator Legend to Shut Down Operations After Two Years

Protocol to cease services as more DeFi platforms wind down.

Written by Rahul Dhingra, Edited by David Delima | Updated: 13 May 2026 18:49 IST

DeFi Aggregator Legend to Shut Down Operations After Two Years

Photo Credit: Unsplash/Glenn Carstens-Peters

Legend operated as a mobile-first non-custodial DeFi aggregator

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Highlights

Legend app to go offline on July 12
Platform-integrated protocols like Aave and Uniswap
CEO says closure is the right call for the team and investors

After two years of operations, decentralised finance (DeFi) mobile “superapp” Legend has announced the shutdown of its operations. Legend was a DeFi aggregator that mainly aimed to bring DeFi to its users, rather than forcing them to sign in to multiple different wallets or applications to use their crypto. The protocol is yet to disclose active user counts or total value locked (TVL) figures, as it operates as an aggregator, but the TVL for the broader DeFi ecosystem has fallen close to 50 percent since October. The CEO of Legend confirmed that the app will keep running normally for the next 60 days and will go offline on July 12.

Legend CEO Says Product Did Not Reach Required Scale

Jayson Hobby and former Compound Finance executives launched Legend in late 2024. The protocol is a noncustodial, mobile-first DeFi aggregator, which is used for earning, trading, borrowing, and swapping assets like stablecoins and Ether via integrations with other DeFi protocols such as Aave, Compound, and Uniswap. The core objective of Legend was to bring DeFi to its users rather than forcing them to sign multiple wallets to use their own crypto.

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Announcing the company's closure with a post on X, Hobby said, “We started with a bet that on-chain finance could feel as simple as the apps people already trust. We believed the right interface could put DeFi's most powerful primitives in front of mainstream users. The Legend product found a real audience, but didn't grow to the scale the company needed to be sustainable long-term. Closing is the right call for our team and our investors [...] 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.”

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Earlier this month, Carrot, a Solana-based decentralised finance yield protocol, also announced that it was permanently shutting down operations. Carrot stated that the Drift Protocol exploit was catastrophic and had left it financially bleeding and unable to continue. The platform has set May 14 as the deadline for users to withdraw their remaining funds.

In the growing list of DeFi exchanges shutting down this year, another exchange is the Solana DeFi aggregator Step Finance, which announced the closing down of its operations after a $40 million treasury wallet breach in January, along with Polynomial, which also ceased operations in February. Balancer Labs, the team behind the DeFi protocol Balancer, also shut down operations in March following the financial pressure of a $116 million hack in November. Meanwhile, due to volatile market conditions, Seamless Protocol, which is a DeFi lending protocol on Base, also announced that it will be winding up in April.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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Further reading: Cryptocurrency, Decentralised Finance

Rahul Dhingra

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Rahul Dhingra is a crypto writer at Gadgets 360, where he covers the exciting world of Cryptocurrency, Blockchain, Defi and Web3. Before joining Gadgets 360, he worked as a content specialist for a European-based Crypto Exchange. Rahul loves storytelling, not just through the written word but also through the visual medium. Beyond his professional life, Rahul is a sports fanatic. Whether it’s cricket or football, his passion for the game is contagious. More