According to TechFlow, on July 12, Compound founder and CEO Jayson Hobby announced on Twitter that he, CTO Geoffery Hayes, and Vice President of Products Mykel Pereira resigned to co-found a new DeFi protocol Legend. Jayson Hobby said that Legend's mission is to bring the next 100 million users to the chain by building the world's best DeFi interface.

According to reports, Legend is a mobile-first decentralized financial protocol that allows users to instantly and seamlessly trade, earn and borrow digital assets without the need for a centralized party. The founding team said that Legend will solve the user experience problem of blockchain and promote the future development of DeFi.