Last

Last is a vertically integrated AI and DeFi company building an autonomous economy that spans DeFi protocols, AI-powered products, real-world businesses, and proprietary compute infrastructure. Its flagship product is Alt, an AI assistant capable of deep research, on-chain analysis, and secure transaction execution across HyperEVM, Ethereum, Solana, and Bitcoin — with private keys held inside a TEE. Through its product suite including HypurrFi (lending, borrowing, perps, and credit card on Hyperliquid) and USDXL (a Hyperliquid-native synthetic dollar), Last generates onchain revenue that funds its own GPU clusters and data centers, which in turn power the agentic platform that builds more products.

Last generates yield mainly through its DeFi product suite on the Hyperliquid network — specifically HypurrFi and USDXL. The revenue these products earn flows back into the company's own infrastructure loop (compute power and data centers).

Within HypurrFi, yield comes from several sources:

• Lending markets (based on audited Aave V3 and Euler V2 code). People who supply crypto earn interest from borrowers. Rates move up or down automatically based on how much of the pool is borrowed.
• Earn Vaults — curated bundles that run passive DeFi strategies for depositors.
• Fees from token swaps and perpetual trading.
• The HypurrFi Credit Card, which lets users borrow against their collateral when they spend. This generates lending yield at the point of sale.

USDXL is a synthetic dollar (a crypto token that tracks $1). It is minted as a collateralized debt position (CDP) on HypurrFi — meaning users lock up collateral to create it. Borrowing USDXL generates variable-rate interest revenue, driven by how much of the available USDXL is being borrowed.

A portion of that USDXL borrow revenue goes toward liquidity provider (LP) incentives on USDXL trading pools (Balancer). HypurrFi also earns fees through protocol-owned liquidity positions in its own lending markets and in Balancer pools. These fees feed into a USDT0 reserve that provides supplementary backing for USDXL.

At the Last corporate level, all product revenue — from DeFi fees, AI agent task fees, and human task fees — is reinvested into GPU compute and data center infrastructure. This is the "self-compounding" loop described in official materials.

No specific fee percentages, emission schedules, or token distribution mechanisms were detailed on Last's public corporate site. HypurrFi's documentation confirms it operates on standard lending market spread (the difference between what borrowers pay and suppliers earn) and swap fees, with no rented liquidity or inflationary token emissions disclosed.

According to the official last.net website, Last is backed by True Ventures, Breyer Capital, Eden Block, Robot Ventures, and additional prominent angels (listed under "Backed by" on the homepage). No specific round names, amounts, or dates were disclosed on the official site. The investors page (last.net/investors) focuses on the company's pitch to potential investors rather than detailing past fundraising.