Legend, Coinbase-backed DeFi App, to close July 12

Legend, a mobile DeFi app backed by Coinbase Ventures and a16z crypto, will shut down on July 12 after two years, founder Jayson Hobby wrote in a shutdown announcement.

Hobby, a former executive at Compound Finance and Coinbase, built an iOS app that let users access DeFi yields, token swaps, borrowing and looping strategies with a single tap. Legend raised $15 million in a February 2025 seed round led by a16z crypto with participation from Coinbase Ventures.

Hobby wrote that the app attracted users but did not reach the scale needed to sustain its operating costs. Legend did not publish active user counts, download figures or trading volume. The app was non-custodial and held no total value locked on its own balance sheet, a design that limited the company’s direct control over liquidity and some revenue streams.

In his note, Hobby argued mainstream users focus on outcomes rather than on-chain status. “They don’t care if a product is on-chain or not. 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 Legend app will remain online through July 12. Users will receive weekly reminders to withdraw funds. Company documentation and user guidance will be available for 60 days after the service ends.

The closure follows a pattern in 2025 and 2026 of funded consumer crypto startups that validated demand for crypto-native products but faced challenges with distribution and scaling.