Legend announces business closure, ceasing operations on July 12.

BlockBeats News, May 13 — On-chain financial application Legend announced it will gradually shut down its company and product services. The team stated that Legend initially aimed to make DeFi’s cross-chain exchanges, yield farming, and payment functions more accessible to mainstream users through a simpler product interface. Although the product gained a group of genuine users, its growth did not reach the level needed for long-term sustainable operation, so shutting down the business is the most appropriate decision for the team and investors.

Legend said that its biggest lesson learned is that mainstream users do not care whether a product is “on-chain” or not; they care more about returns, faster payment experiences, and greater control over their funds. The team believes that a truly successful product is not about explaining blockchain technology to users, but about hiding it completely behind the user experience. According to the announcement, Legend has stopped registering new users. Existing users need to withdraw their funds before the application closes on July 12. The official will continue to remind users to withdraw funds via email and notifications over the next 60 days, and relevant documentation pages will remain available for some time after the shutdown.