Legend announces the closure of its business and will cease operations on July 12

The on-chain financial application Legend has announced that it will gradually shut down the company and product services. The team stated that Legend initially hoped to make it easier for mainstream users to access DeFi's cross-chain exchange, yield generation, and payment functions through a simpler product interface. Although the product gained a number of real users, the growth scale did not reach the level required for long-term sustainable operation, so shutting down the business is the most appropriate decision for the team and investors.

Legend stated that its biggest lesson learned is that mainstream users do not care whether the product is "on-chain"; they are more concerned about yields, faster payment experiences, and greater control over their funds. The team believes that truly successful products do not explain cryptographic technology to users but instead completely hide it behind the experience. According to the announcement, Legend has stopped new user registrations, and existing users must complete fund withdrawals before the application shuts down on July 12. The official team will continue to remind users to withdraw funds via email and notifications over the next 60 days, and will retain relevant documentation pages for a period of time after the shutdown.