BlockBeats News, May 13th. On-chain financial application Legend announced that it will gradually shut down its company and product services. The team stated that Legend initially hoped to make DeFi's cross-chain exchange, yield farming, and payment functions more accessible to mainstream users through a simpler product interface. Although the product attracted a user base, the growth did not reach a sustainable level required for long-term operation. Therefore, shutting down the business was deemed the most appropriate decision for the team and investors.

Legend mentioned that its most significant lesson learned was that mainstream users do not care whether the product is "on-chain"; they are more interested in yield, a faster payment experience, and greater control over their funds. The team believes that a truly successful product does not explain cryptographic technology to users but completely hides it behind the experience. According to the announcement, Legend has stopped new user registrations, and existing users must complete fund withdrawals by July 12th before the app closure. The official team will continue to remind users to withdraw their funds via email and notifications over the next 60 days and will keep relevant documentation pages for some time after the shutdown.