hodler

13 May 2026, 10:13

Ex-Binance Russia head sentenced to five years over fraud

A Moscow court has sentenced the former top manager of cryptocurrency exchange Binance’s business in Russia and the region to five years in prison. Vladimir Smerkis, who was arrested in the Russian capital last spring, was convicted of “large-scale” fraud. He is also a co-founder of the crypto game Blum. Smerkis set to spend time in Russian penal colony The Presnensky District Court of Moscow has sentenced Vladimir Smerkis, former chief executive of the Russian branch of the world’s largest crypto exchange, to five years in prison. The crypto entrepreneur served as Binance’s General Manager for Russia and the Commonwealth of Independent States (CIS) countries between early 2022 and September 2023. Smerkis, 41, who was arrested on fraud charges in May 2025, will serve his time in a general regime penal colony, the Moscow Prosecutor’s Office announced in a Telegram post on Tuesday. Also quoted by the crypto news outlet Bits.media, the statement detailed: “He was found guilty under Part 4 of Article 159 of the Russian Criminal Code (fraud committed on an especially large scale).” In June 2024, Smerkis was approached by crypto trader and blogger Oleg Polunin, who sought his assistance for an advertising campaign to increase the audience of his social media channels. During their negotiations, he promised to attract about 2 million new users for his client and asked for more than 8.8 million rubles (approx. $120,000) as remuneration for his services. The victim transferred the agreed-upon amount to a crypto wallet provided by Smerkis, who is a well-known member of the country’s crypto community. However, the former high-ranking executive failed to fulfill his obligations. While, he did not organize the promised campaign, he nevertheless used the funds he received. Who is Vladimir Smerkis and how he got here? The Russian judiciary remanded Vladimir Smerkis in custody about a year ago at the request of the investigation into the alleged fraud case. The five-year prison sentence he has now received is yet to officially enter into force and his defense team may still file an appeal against it in court. Smerkis left his post at the helm of Binance’s office in Russia when the division effectively ceased operations in late 2023. Earlier that year, in March, the leading global exchange introduced restrictions for Russian users and in September announced it’s leaving this market. Amid expanding international sanctions over Moscow’s invasion of Ukraine resulting in compliance issues, Binance sold its Russian business to the recently established CommEX. Its Russian users were able to transfer their Binance accounts to the new platform by March 2024. CommEX then suspended these transfers and eventually shut down in May. Vladimir Smerkis later co-founded the crypto-based game Blum, together with Gleb Kostarev, another former regional manager at Binance . Kostarev was the coin trading giant’s Regional Head for Eastern Europe, the CIS , Turkey, Australia and New Zealand. Both announced their departures in September 2023. Blum was launched in 2024 as an alternative to the popular Telegram clicker game Hamster Kombat amid the tap-to-earn craze. Right after Smerkis was detained, the project’s team announced he was stepping down as its top manager and chief marketing officer. Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free .

13 May 2026, 09:38

Is Ethereum a Good Crypto to Research in 2026?

Ethereum remains one of the most important assets in crypto, but researching ETH in 2026 is not as simple as asking whether it is “the second-biggest coin” or whether the next market cycle could lift its price. The Ethereum thesis has changed. It is now less about one chain doing everything directly and more about Ethereum acting as a settlement, security, liquidity, and application layer for a wider onchain economy. That makes Ethereum both more interesting and harder to evaluate. A beginner might see cheaper Layer-2 transactions and assume Ethereum has solved scalability. A trader might focus only on ETF flows or short-term price action. A long-term investor might look at staking, ETH supply, DeFi activity, stablecoins, tokenized assets, and competing networks. All of those views capture part of the picture, but none is enough on its own. So, is Ethereum a good crypto to research in 2026? Yes, but not because ETH is automatically a good buy for every portfolio. Ethereum is worth researching because it sits at the center of several major crypto themes: smart contracts, DeFi, stablecoins, staking, Layer-2 scaling, tokenization, institutional products, and Web3 infrastructure. This guide breaks down the practical research framework: what Ethereum does, what has changed after recent upgrades, which metrics matter, how ETH compares with other crypto assets, and where the real risks are hiding. Key Takeaways PointDetailsEthereum remains highly relevantEthereum continues to play a major role in DeFi, stablecoins, tokenization, NFTs, staking, and Layer-2 ecosystems.The ETH thesis has evolvedResearch in 2026 should focus on Layer-2 adoption, staking, fee dynamics, institutional access, and real application demand.Recent upgrades matterEthereum’s recent roadmap has focused heavily on scalability, account improvements, validator functionality, and Layer-2 support.Risks remain significantETH holders should consider volatility, smart contract risk, custody risk, regulatory uncertainty, competition, and value-capture concerns.Research is not the same as buyingEthereum may be worth serious analysis, but whether ETH fits a portfolio depends on risk tolerance, time horizon, and strategy. Why Ethereum Still Belongs on a 2026 Research List Ethereum is worth researching in 2026 because it is not just a cryptocurrency. It is a programmable blockchain network where developers can build decentralized applications, issue tokens, run DeFi protocols, create NFT infrastructure, support stablecoins, and settle activity from Layer-2 networks. That broad utility gives Ethereum a different profile from crypto assets that depend mainly on scarcity, payments, or a single application category. ETH is used for transaction fees, staking, collateral, liquidity, DeFi interactions, and as a base asset across the Ethereum ecosystem. Ethereum also has a long operating history compared with many smart contract platforms. It has survived multiple market cycles, major technical upgrades, DeFi crashes, NFT booms, regulatory pressure, and competition from faster or cheaper chains. That does not make ETH risk-free, but it does mean researchers have more data to study than they do with many newer crypto projects. A useful Ethereum research process should ask whether people are still using the network, whether applications are attracting real capital, whether Layer-2 activity strengthens or weakens ETH value capture, and whether Ethereum’s security and liquidity advantages remain meaningful. What Has Changed After Ethereum’s Recent Upgrades Ethereum in 2026 is not the same network investors researched in the 2020 and 2021 market cycle. Several major upgrades have changed how the chain works, how users interact with it, and how value may accrue to ETH. Ethereum moved to proof-of-stake The Merge moved Ethereum from proof-of-work to proof-of-stake, changing the network’s security model and significantly reducing its energy usage. This made ETH central to validator participation and network security, while also creating a staking-based yield component for users who choose to participate. ( Ethereum.org ) For researchers, proof-of-stake matters because it affects ETH issuance, validator economics, staking concentration, and the way Ethereum secures the network. It also means ETH is no longer just a gas asset. It is also the asset validators lock to help secure Ethereum. Dencun made Layer-2 transactions cheaper The Dencun upgrade introduced proto-danksharding through EIP-4844, adding temporary data blobs designed to reduce costs for Layer-2 networks. This was a major step in Ethereum’s rollup-centric scaling strategy. ( Ethereum Foundation ) The practical benefit is clear: cheaper Layer-2 transactions can make Ethereum-based applications more usable for payments, swaps, gaming, social apps, and consumer-facing Web3 products. The trade-off is more complex. If activity moves away from Ethereum mainnet and becomes cheaper on Layer-2 networks, ETH fee burn and mainnet revenue may not grow at the same pace as total ecosystem activity. Pectra improved account and validator functionality Ethereum’s Pectra upgrade introduced improvements related to accounts, validators, and Layer-2 scaling support. One important feature, EIP-7702, allows externally owned accounts to gain smart account functionality, which may support better wallet experiences such as transaction batching and gas sponsorship. ( Ethereum Foundation ) This matters because Ethereum’s user experience has historically been difficult for beginners. Separate token approvals, gas management, seed phrase anxiety, and failed transactions have created friction. Better account functionality does not solve every problem, but it supports a more user-friendly direction for wallets and applications. The ETH Research Dashboard: Metrics to Check First Ethereum research should be evidence-led. Price charts can show momentum, but they do not explain whether the network’s fundamentals are improving. A better research process combines onchain activity, ecosystem liquidity, token economics, staking data, and market structure. DeFi TVL and stablecoin liquidity Total value locked is imperfect, but it helps show where capital is deployed. Ethereum continues to host a large share of DeFi liquidity and stablecoin activity, which is one reason it remains central to onchain finance. Researchers can track Ethereum chain data through DeFi analytics platforms to monitor liquidity, protocol activity, and stablecoin supply trends. ( DefiLlama ) Do not read TVL blindly. TVL can rise because token prices increase, not because more users are depositing fresh capital. It can also be concentrated in a few protocols or boosted by temporary incentives. A stronger Ethereum thesis needs productive capital, not just locked capital. Layer-2 value and activity Ethereum cannot be judged only by mainnet activity anymore. A growing share of user activity happens on Layer-2 networks such as Arbitrum, Base, Optimism, zkSync, Linea, Starknet, and others. Researchers should examine whether those networks have real users, credible security assumptions, liquid markets, and sustainable application demand. ( L2BEAT ) The key question is value capture. More activity across Ethereum-aligned Layer-2 networks may strengthen Ethereum’s ecosystem, but ETH holders should still ask how much value returns to Ethereum mainnet through settlement, data availability, fees, burns, liquidity, and monetary premium. ETH supply, issuance, and burn ETH supply is dynamic. New ETH is issued to validators, while part of transaction fees is burned through EIP-1559. This means ETH can be inflationary or deflationary depending on network activity, fee levels, and validator issuance. ( Ethereum.org ) This is why simple slogans can be misleading. ETH is not a fixed-supply asset like Bitcoin. During high-fee periods, burn can exceed issuance. During lower-fee periods, issuance can exceed burn. Serious Ethereum research should track both sides rather than relying on outdated assumptions. Staking participation and staking risk Ethereum staking allows validators to help secure the network, with solo staking requiring 32 ETH. Users with smaller balances may use pooled staking or staking services, but those options introduce additional trust, liquidity, and smart contract assumptions. ( Ethereum.org ) When researching staking, look at current staking yield, validator concentration, liquid staking token risk, slashing risk, withdrawal conditions, and provider reliability. Staking can improve ETH’s profile for some holders, but it is not the same as a bank deposit or risk-free income stream. Ethereum Compared With Bitcoin, Solana, and Layer-2 Tokens Ethereum research becomes more useful when ETH is compared with realistic alternatives. Bitcoin, Ethereum, Solana, and Layer-2 tokens each represent different crypto theses. Asset or CategoryMain Research ThesisMain Trade-OffBitcoinScarcity, monetary premium, institutional store-of-value narrativeLess programmable at the base layer than EthereumEthereumSmart contracts, DeFi, staking, settlement, tokenization, and Layer-2 ecosystemMore complex thesis and stronger competition across multiple frontsSolanaHigh-throughput, low-fee execution for DeFi, consumer apps, and tradingDifferent decentralization, reliability, and ecosystem trade-offs to evaluateEthereum Layer-2 tokensExposure to specific scaling ecosystems and application growthToken value capture can be unclear and varies by networkDeFi governance tokensProtocol-specific exposure to fees, usage, incentives, and governanceHigher smart contract, regulatory, liquidity, and tokenomics risk Bitcoin is usually researched as a monetary asset first. Ethereum is researched as both a crypto asset and an infrastructure network. Solana is often researched as a high-performance execution environment. Ethereum Layer-2 tokens are more specific bets on scaling ecosystems. This distinction matters. Someone who wants the simplest crypto allocation may prefer to research Bitcoin first. Someone who wants exposure to DeFi, stablecoins, staking, tokenized assets, NFTs, and Web3 applications may find Ethereum more relevant. Someone looking for higher-beta ecosystem plays might research Layer-2 or DeFi tokens, but those usually carry more project-specific risk than ETH. Where the Ethereum Thesis Can Go Wrong Ethereum is important, but it is not immune to failure points. A balanced 2026 research process should actively look for weaknesses rather than only confirming a bullish narrative. Lower fees can help users but pressure ETH economics Ethereum’s scaling roadmap aims to make transactions cheaper, especially through Layer-2 networks. That improves usability, but it also creates a debate around ETH value capture. If cheaper execution reduces mainnet fee burn, ETH’s monetary premium may depend more heavily on total ecosystem growth, staking demand, institutional access, and liquidity depth. This is one of the most important ETH debates in 2026: can Ethereum scale usage while still creating enough economic value for ETH? Competition is real Ethereum faces competition from Solana, Sui, Aptos, BNB Chain, Avalanche, Bitcoin Layer-2 experiments, Cosmos-style appchains, modular data availability networks, and Ethereum’s own Layer-2 ecosystems. Competition does not need to “kill Ethereum” to affect ETH. It only needs to take enough users, developers, liquidity, or narrative attention to weaken growth expectations. Investors should track whether Ethereum is maintaining mindshare in the areas that matter most: DeFi, stablecoins, tokenization, infrastructure, and developer activity. Layer-2 fragmentation can confuse users The rollup-centric roadmap creates a larger Ethereum ecosystem, but it also fragments liquidity and user experience across networks. Bridging assets, choosing the right chain, managing gas tokens, and understanding withdrawal assumptions can be confusing. Beginners should be especially careful with bridges, fake websites, phishing links, malicious token approvals, and unsupported assets. Many losses in crypto do not come from the market moving down. They come from operational mistakes. Regulation remains a moving target Crypto regulation varies by jurisdiction and continues to evolve. In the European Union, MiCA created a regulatory framework for crypto-asset service providers and certain crypto-assets, including requirements related to authorization, transparency, and supervision. ( ESMA ) For Ethereum, regulation can affect exchanges, staking products, DeFi front ends, stablecoins, ETFs, custody providers, and institutional participation. Investors should avoid assuming that ETH’s treatment will be identical in every country or that current rules will remain unchanged. How Different Crypto Users Should Approach ETH Research Ethereum can be researched differently depending on the user’s goal. A beginner, long-term investor, active trader, and DeFi user should not all use the same framework. Beginners Beginners should start with the basics: what ETH is, how wallets work, what gas fees are, what Layer-2 networks do, and why seed phrase security matters. Avoid rushing into DeFi or staking before understanding custody. A beginner research path could include learning the difference between ETH and Ethereum, comparing custodial and non-custodial wallets, practicing with a small amount, using reputable exchanges or wallets, and avoiding unknown airdrops or “free ETH” claims. Long-term investors Long-term investors should focus on fundamentals: network activity, ETH supply, staking participation, developer ecosystem, DeFi liquidity, regulatory direction, and competition. The mistake to avoid is buying ETH only because it has underperformed or because it “should catch up.” Underperformance can create opportunity, but it can also reflect real concerns about value capture, market preference, or changing narratives. Active traders Traders should separate Ethereum fundamentals from ETH price structure. A strong roadmap does not prevent drawdowns. ETH can be volatile around macro news, Bitcoin moves, ETF flows, leverage resets, regulatory headlines, and major protocol events. Trading research should include liquidity, funding rates, volatility, support and resistance, position sizing, and stop-loss discipline. Leverage can amplify both gains and losses, so risk management should come before market conviction. DeFi users DeFi users should research Ethereum at both the network and protocol level. It is not enough to trust a protocol because it is “on Ethereum.” Before depositing funds, check audits, TVL quality, liquidation mechanics, oracle design, admin keys, governance controls, token incentives, withdrawal conditions, and historical incidents. High yields should be treated as a risk signal until the source of those yields is clearly understood. A Practical Ethereum Research Checklist for 2026 Use this checklist before forming a view on ETH. It is designed to help readers move beyond price headlines and toward a more complete research process. Network and ecosystem Is Ethereum mainnet activity rising or falling? Are Layer-2 networks gaining real users? Is liquidity staying within Ethereum-aligned ecosystems? Are developers still building useful applications? Are stablecoins, DeFi, and tokenized assets active on Ethereum? Token economics Is ETH net inflationary or deflationary over the period being studied? Are ETH burns driven by sustainable activity or temporary spikes? How much ETH is staked? Is staking becoming too concentrated? Does staking yield compensate for the risks involved? Market structure Are institutional products supporting or pressuring ETH demand? Is ETH outperforming or underperforming Bitcoin and other major Layer-1 assets? Is liquidity strong across spot and derivatives markets? Are traders overly crowded in one direction? Are macro conditions supporting or weakening risk assets? Risk review What happens if Layer-2 networks capture more value than Ethereum mainnet? What happens if competing chains gain developer mindshare? What regulatory changes could affect staking, DeFi, or exchanges? Are you holding ETH directly, through an ETF, on an exchange, or in DeFi? Do you understand the custody and security risks of your setup? A realistic result from Ethereum research is not certainty. It is a clearer view of whether ETH fits your strategy and what risks you are accepting. How Crypto Daily Helps Readers Follow Ethereum Crypto Daily covers Ethereum, Bitcoin, altcoins, DeFi, exchanges, Web3, and market structure with an emphasis on timely crypto education and analysis. For readers researching Ethereum in 2026, the goal is not to chase every headline, but to understand which developments actually matter: protocol upgrades, Layer-2 adoption, ETF flows, staking trends, regulatory changes, and onchain activity. Use Crypto Daily as part of a wider research routine: compare market news with onchain data, read official project updates, check independent analytics dashboards, and avoid making decisions from price headlines alone. Frequently Asked Questions Is Ethereum still worth researching in 2026? Yes. Ethereum remains one of the most important crypto networks to research because it connects DeFi, stablecoins, staking, NFTs, tokenized assets, Layer-2 scaling, and institutional products. That does not mean ETH is automatically suitable for every investor. Is Ethereum better than Bitcoin? Ethereum and Bitcoin serve different roles. Bitcoin is usually researched as a monetary asset and store-of-value candidate. Ethereum is researched as a programmable blockchain ecosystem. Which is “better” depends on whether the reader values simplicity, scarcity, smart contracts, staking, or application activity. What is the biggest Ethereum risk in 2026? One major risk is value capture. Ethereum may scale through Layer-2 networks and support more activity, but ETH holders still need to ask whether that activity produces meaningful fees, burns, staking demand, and long-term economic value for ETH. Should beginners buy ETH before learning DeFi? Beginners should understand wallets, custody, gas fees, exchanges, and basic security before using DeFi. Buying ETH without understanding self-custody or phishing risks can lead to avoidable mistakes. Is Ethereum staking safe? Ethereum staking helps secure the network and can generate rewards, but it is not risk-free. Risks include ETH price volatility, slashing, validator downtime, staking provider risk, smart contract risk in pooled staking, and liquidity constraints. Do Ethereum ETFs make ETH safer? ETFs may simplify access for traditional investors, but they do not remove ETH price volatility or broader crypto market risk. They also differ from direct ETH ownership because investors do not control the underlying ETH in a wallet. What should I track before deciding whether ETH fits my portfolio? Track Ethereum mainnet activity, Layer-2 growth, DeFi liquidity, stablecoin usage, staking participation, ETH issuance and burn, institutional flows, developer activity, regulatory developments, and competition from other smart contract platforms. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

13 May 2026, 09:35

Bithumb to Halt Shentu (CTK) Deposits and Withdrawals for Network Upgrade on May 19

BitcoinWorld Bithumb to Halt Shentu (CTK) Deposits and Withdrawals for Network Upgrade on May 19 Bithumb, one of South Korea’s largest cryptocurrency exchanges, has announced a temporary suspension of deposits and withdrawals for Shentu (CTK) to accommodate an upcoming network upgrade. The halt will take effect at 9:00 a.m. UTC on May 19. Details of the Suspension The exchange stated that the suspension is necessary to support the Shentu network’s upgrade, which typically involves protocol changes, security enhancements, or performance improvements. During this period, CTK trading on Bithumb is expected to continue as normal, though users will not be able to move tokens into or out of their exchange wallets. Bithumb has not yet specified the exact duration of the suspension, but such maintenance windows often last several hours to a full day, depending on the complexity of the upgrade. The exchange has advised users to complete any pending CTK transactions before the cutoff time to avoid delays. Why This Matters for CTK Holders Network upgrades are routine in the cryptocurrency space, often introducing new features or fixing vulnerabilities. For Shentu, a blockchain focused on security and cross-chain interoperability, upgrades can enhance its core infrastructure. However, temporary suspensions can create short-term liquidity constraints for traders who wish to move assets during the maintenance window. Users holding CTK on Bithumb should monitor the exchange’s official announcements for updates on when services will resume. It is also advisable to review the Shentu project’s own upgrade notes to understand any potential changes to the network’s functionality. Implications for Traders While the suspension may cause minor inconvenience, it is a standard operational procedure designed to ensure network stability. Traders who rely on rapid arbitrage or frequent transfers should plan accordingly. The event is unlikely to have a lasting impact on CTK’s market price unless the upgrade introduces significant protocol changes that affect tokenomics or utility. Conclusion Bithumb’s temporary suspension of CTK deposits and withdrawals is a precautionary measure tied to a scheduled network upgrade. Users are encouraged to act before the May 19 deadline and stay informed via official channels for post-upgrade service restoration timelines. FAQs Q1: When exactly will Bithumb suspend CTK deposits and withdrawals? The suspension begins at 9:00 a.m. UTC on May 19. Q2: Will CTK trading still be available during the suspension? Yes, Bithumb has indicated that trading will continue as usual. Only deposits and withdrawals will be temporarily halted. Q3: How long will the suspension last? Bithumb has not provided a specific end time. Users should check official announcements for updates after the upgrade is completed. This post Bithumb to Halt Shentu (CTK) Deposits and Withdrawals for Network Upgrade on May 19 first appeared on BitcoinWorld .

13 May 2026, 09:25

SEC greenlights NYSE rule change for blockchain-based stock token pilot

BitcoinWorld SEC greenlights NYSE rule change for blockchain-based stock token pilot The U.S. Securities and Exchange Commission has formally allowed a New York Stock Exchange rule change that paves the way for a pilot program tokenizing shares of major companies and exchange-traded funds on blockchain infrastructure. The amendment, submitted by the NYSE on May 1 and published by the SEC on May 12, is now in effect. What the new rules allow Under the approved framework, institutions qualified by the Depository Trust & Clearing Corporation for its pilot program can trade tokenized versions of stocks and ETFs using distributed ledger technology. The tokenization scope is limited to components of the Russell 1000 index and ETFs that track major benchmarks. Each token will carry the same ticker symbol as its underlying security and grant identical shareholder rights, including dividend distributions, trading priorities, and fee structures. This means token holders will have the same legal and economic standing as traditional shareholders. Timeline and rollout The DTCC pilot program is set to run for three years. The corporation previously indicated that trading of these tokens would begin in July, with a more comprehensive platform expected to launch in October. The phased rollout suggests the DTCC is approaching tokenization cautiously, testing settlement and custody mechanics before expanding. Why this matters for markets The approval marks a significant step toward integrating blockchain technology into the core infrastructure of U.S. capital markets. Tokenization could reduce settlement times, lower operational costs, and enable more efficient collateral management. However, the pilot’s narrow scope—limited to Russell 1000 stocks and major index ETFs—indicates regulators are taking a measured approach, prioritizing system stability over rapid expansion. For institutional investors, the program offers a controlled environment to test blockchain-based trading without disrupting existing market structures. The three-year timeline provides sufficient data for regulators to assess risks related to custody, liquidity, and market integrity before considering broader adoption. Conclusion The SEC’s approval of the NYSE rule change represents a carefully calibrated regulatory green light for tokenized securities in the U.S. market. While the pilot program is limited in scope and duration, it establishes a precedent for how traditional exchanges and clearing houses can experiment with blockchain technology within the existing regulatory framework. Market participants should watch the July and October rollout milestones closely for early signals on scalability and institutional appetite. FAQs Q1: Which securities can be tokenized under this pilot program? Only stocks that are components of the Russell 1000 index and ETFs tracking major indices are eligible. This excludes smaller companies and alternative asset classes. Q2: Will token holders have the same rights as regular shareholders? Yes. The tokens carry identical shareholder rights, including dividends, voting where applicable, trading priorities, and fee structures as the underlying securities. Q3: How long will the pilot program run? The DTCC pilot program is approved for three years, with initial trading expected to begin in July and an expanded platform launch planned for October. This post SEC greenlights NYSE rule change for blockchain-based stock token pilot first appeared on BitcoinWorld .

13 May 2026, 09:10

The shift toward blockchain-based casinos in the crypto era

Over the past few years, the online gambling industry has begun experiencing a gradual but noticeable transformation. While traditional casinos have dominated the digital gaming landscape for decades, a growing segment of players is now exploring alternatives powered by blockchain technology. Among these innovations, Ethereum has emerged as one of the most influential platforms shaping Continue reading "The shift toward blockchain-based casinos in the crypto era"

13 May 2026, 08:30

DeFi Superapp Legend Shuts Down After Failing to Scale

The company said it failed to achieve the scale needed for long-term sustainability despite raising $15 million in funding from investors in 2025. The closure comes as more than 20 DeFi, NFT, and GameFi projects have shut down this year already due to declining user activity, financial pressure, hacks, and volatile market conditions. Crypto Superapp Legend Announces Shutdown Decentralized finance mobile superapp Legend announced that it will shut down after roughly two years of operation. The platform was designed to simplify decentralized finance for mainstream users, and said it would continue operating for another 60 days before officially going offline on July 12. Announcement on Legend’s website Legend launched as a mobile-first, non-custodial DeFi aggregator. The goal of the application was to make decentralized finance easier to use by allowing users to access multiple DeFi services from a single interface instead of navigating several wallets, protocols, and decentralized applications individually. Despite attracting investor backing and building a product that appealed to a niche audience, Legend co-founder Jayson Hobby admitted that the platform never reached the scale required to sustain the business long term. In a statement announcing the shutdown, Hobby explained that while the company strongly believed the right user interface could bring DeFi’s most powerful tools to mainstream users together, the project ultimately failed to grow fast enough to stay financially viable. He added that closing the platform was the right decision for both the team and its investors. X post from Jayson Hobby The company secured $15 million in funding during a February 2025 investment round backed by major crypto-focused firms including Andreessen Horowitz and Coinbase Ventures. However, even with this support from investors, Legend became another example of how difficult it has been for many crypto startups to stay operations during the prolonged downturn in decentralized finance activity. Legend’s closure comes during a period where dozens of DeFi, NFT, and GameFi projects have either shut down or announced plans to wind down operations. More than 20 protocols have reportedly closed this year alone due to falling user activity, shrinking revenues, hacks, and volatile market conditions. The trend has extended beyond smaller startups. Balancer Labs closed in March after financial strain caused by a major $116 million exploit last year. Hobby believes one of the industry’s biggest misconceptions is that consumers care deeply about whether a financial product operates on-chain. According to him, mainstream users are more interested in practical benefits like better yields, faster transactions, and greater control over their money than the underlying blockchain infrastructure itself. He argued that the crypto products most likely to succeed in the future will be the ones that completely hide the complexity of blockchain technology while still delivering its advantages in the background.