Compound CEO Resigns, Starts New Crypto Project
Jayson Hobby, CEO of Compound, announced his resignation after five years to develop his own project in the crypto sector.
Compound CEO Resigns, Starts New Crypto Project
In an announcement posted on the evening of July 11, Jayson Hobby, CEO of Compound, unexpectedly announced his resignation to focus on building his own project, also within the crypto industry.
Jayson Hobby has been with Compound since 2019, initially in a product design role, and quickly rose to the position of CEO during the "DeFi Summer" boom in mid-2020.
Today, I’m excited to announce the launch of our new company, 🧭 @JoinLegend
— JSON (@jaysonhobby) July 10, 2024
Our mission is clear: bring the next 100M users onchain by building the world’s best DeFi interface. pic.twitter.com/8QRFjZswok
Hobby praised Compound as one of the first crypto projects to realize a decentralized vision transparently and independently of any intermediaries.
However, every journey must come to an end. After five years with Compound, Jayson Hobby announced the next chapter of his career with the unveiling of Legend—a new DeFi protocol he is developing.
According to initial disclosures, Legend will allow users to trade and borrow digital assets, with an enhanced user experience (UX) compared to current solutions. The project aims to help connect 100 million new users to the on-chain world.
Initial glimpses of the Legend project. Source: legend.xyz
Notably, joining Hobby at Legend will be two other senior Compound personnel: Chief Technology Officer Geoffery Hayes and Vice President of Product Mykel Pereira.
Compound is one of the pioneering DeFi protocols, allowing users to collateralize crypto assets to borrow other cryptocurrencies. Compound's TVL (Total Value Locked) is currently $2.1 billion, ranking 15th among DeFi applications with the highest locked value.
Compound's TVL once peaked at over $12 billion at the end of 2021 but declined rapidly after a security vulnerability led to a loss of up to $148 million.
Compound TVL trends, screenshot from DefiLlama at 7:30 PM on July 12, 2024
On July 11, Compound also reported a user interface incident where a malicious actor inserted phishing links, similar to other DeFi projects such as Celer and Pendle.
