I’m excited to announce that we’re leading the $15M seed round in @legendapp to simplify DeFi and help bring the next 100M users onchain. Our 2024 State of Crypto report estimated that there are now 30-60M monthly active crypto users. While DeFi activity has grown, it has also become more complex, and remains too complicated for many people to use. We view Legend as a compass, pointing the way to a simpler user experience and broader adoption for DeFi. Their first product is an embedded smart contract wallet that allows users to borrow, lend, or swap across chains without manual wallet connections or the risk of interacting with malicious websites. Since coming out of stealth last October, they’ve received more than 400,000 signups on their waitlist. Legend was founded by @jaysonhobby, @hayesgm, and @mykelp. Jayson, Geoffrey, and Mykel all worked together at DeFi pioneer @compoundfinance. Geoffrey was 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 took the reins as CEO. Compound introduced the model for how much of DeFi still works today. It was one of the first protocols to truly decentralize, established yield farming, and helped define the role of governance tokens through their GovernorAlpha and GovernorBravo frameworks. With their user-facing product expertise and empathy for DeFi developers, Jayson, Geoffrey, and Mykel are a perfect team to address the user experience challenge that’s still hindering DeFi adoption. We’re delighted to support the Legend team as they guide DeFi in a compelling new direction.