Legend announced its closure after two years of operation, and it officially went offline on July 12

Legend CEO Jayson Hobby, who is dedicated to simplifying on-chain finance into a traditional app-like experience, announced on X on May 13 that the company has decided to shut down after two years of operations. According to Hobby’s statement, the Legend app will continue to operate normally for 60 days and will officially stop service on July 12; existing users should move their funds out of the app before the shutdown.

Shutdown Reasons and Background of the Business Decision

According to Jayson Hobby’s X platform statement, the Legend product has indeed found a real user base, but its overall scale has not reached the level required for the company’s long-term sustainable development. As a result, completing the handoff is the right choice for the company’s team and investors.

Hobby said in the statement that Legend’s initial vision was to make on-chain finance as simple and easy to use as traditional applications that users already trust, and that he believes an appropriate interface can present DeFi’s core functions to mainstream users.

Core Business Insights Summarized by Hobby

According to Hobby’s X platform statement, he made the following key observations from this entrepreneurship experience: “Mainstream users don’t care whether a product is built on on-chain technology. What they want is results: higher yields, faster payment speeds, and greater control over their funds. In the end, the winning products are not those that can explain cryptocurrencies better, but those that completely hide cryptocurrencies. The benefits are truly felt, not explained with words.”

Service Termination Timeline

According to Hobby’s X platform statement, Legend’s service termination timeline is as follows:

May 13, 2026: New user registration feature is closed; existing users start receiving fund withdrawal reminders

Weekly: Send email reminders and push notifications to users who still have balances

July 12, 2026: The app officially shuts down; related documents will be provided at legend.xyz/sunset, with a 60-day validity period after the shutdown

FAQ

What are the announcement date of Legend’s shutdown and the official app shutdown date?

According to Legend CEO Jayson Hobby’s X platform statement on May 13, 2026, the company announced the closure on that day. The app will officially stop service on July 12, 2026. New user registrations were closed starting from the date of the announcement.

How should existing Legend users handle the funds in their accounts?

According to Hobby’s statement, existing users should transfer the funds in their accounts out of the platform before the app closes on July 12, 2026. Legend will send weekly email and push notification reminders to users who still have balances during this period.

What main reason did the Legend CEO give for the company’s closure?

According to Hobby’s X platform statement, the main reason is that the product’s scale did not reach the level required for long-term sustainable development. He also pointed out that the core insight is that mainstream users don’t care about on-chain technology—they only care about real outcomes such as higher yields, faster payments, and greater control over their funds.