Author: Chris Dixon, a16z crypto partner; Translator: 0xjs@黄金财经
I am pleased to announce that a16z will lead a $15 million seed round for Legend, which simplifies DeFi and helps bring the next 100 million users on-chain.
a16z's 2024 State of Cryptocurrency report estimates that there are currently 30-60 million monthly active cryptocurrency users. While DeFi activity has grown, it has also become more complex and is still too complex for many people.
We see Legend as a compass, pointing the way to a simpler user experience and broader adoption for DeFi. Legend's first product is an embedded smart contract wallet that allows users to borrow, lend, or swap across chains without the risk of manual wallet connection or interaction with malicious websites. Since their official debut in October last year, they have received over 400,000 registrations on their waitlist.
Legend's founders are Jayson Hobby, Geoffrey Hayes, and Mykel Pereira. Jayson, Geoffrey, and Mykel all worked at DeFi pioneer Compound.
Geoffrey is one of the inventors of the Compound protocol and a co-founder of Compound Labs. Mykel and Jayson worked together on product and design at Compound Labs before Jayson became CEO.
Compound introduced a model that is still in play in DeFi today. It was one of the first truly decentralized protocols, established yield farming, and helped define the role of governance tokens through its GovernorAlpha and GovernorBravo frameworks.
With their user-facing product expertise and empathy for DeFi developers, Jayson, Geoffrey, and Mykel are the perfect team to solve the UX challenges that still hinder DeFi adoption.
We are excited to support the Legend team as they take DeFi in compelling new directions.