Coinbase-Backed Legend Shuts Down With a Lesson: Hide the Crypto to Win Users

Legend, a mobile DeFi super app that received backing from Coinbase Ventures and a16z crypto, will cease operations on July 12 after two years. Founder Jayson Hobby has shared a critical lesson from the shutdown: the most successful consumer crypto products are those that abstract away the blockchain, rather than celebrating it. Hobby argues that mainstream users are not interested in whether a product is on-chain, but rather in the outcomes it provides, such as better yields or faster payments. He believes the winning product is the one that completely hides crypto, a stark contrast to the common marketing approach of highlighting 'on-chain' features. Legend, which raised $15 million in a seed round, offered a one-tap interface for various DeFi strategies but failed to achieve the necessary scale despite finding an audience. The app will remain online until July 12 for users to withdraw funds, with documentation available for 60 days post-shutdown. Hobby's parting message suggests that future successful crypto applications may not appear as crypto apps at all.

(Source：BeInCrypto)