4Q25 Budget Proposal for Sector Finance

Mandate

Sector Finance continues to prioritize:

• Building high-performance intent-based infrastructure

• Expanding solving and market-making systems across chains

• Maintaining financial sustainability and a strong treasury

• Driving long-term alignment with the DeFi ecosystem

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Recent Performance and Outlook

Revenue Overview

In Q3, Sector Finance generated $132,039 total revenue, composed of $124,864 from our CoW solver and $7,174 from other earnings. This is our highest quarterly revenue to date.

However, while the first two months of the quarter were strong, earnings in the last month softened as solver integrations became less competitive. We’ve identified infrastructure and execution tweaks needed to restore performance and competitiveness.

Treasury Position

We have completed roughly 50% of the planned ETH sales, leaving the treasury in a strong position with a larger USDC buffer and diversified holdings across stETH and ETH.

Looking Ahead

For Q4, our focus areas include:

• Restoring solver competitiveness and execution

• Continuing to expand to Avalanche and Polygon

• Pursuing early-stage partnerships in market making and solving across additional platforms

• Managing expenses carefully while targeting breakeven

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Q3 Review

Revenue Summary

| Revenue Source | Amount |

|-------------------------|-----------|

| CoW Solver | $124,864 |

| Other Earnings | $7,174 |

| Total Revenue | $132,039 |

Expense Summary

| Category | Forecast | Actual | Variance |

|-------------------------|------------|------------|------------|

| Engineering | $140,000 | $106,610 | $33,390 |

| Biz Dev & Ops | $30,000 | $29,260 | $740 |

| Marketing & Community | $2,500 | $1,500 | $1,000 |

| Operating | $15,000 | $7,969 | $7,031 |

| Total | $187,500 | $145,339 | $42,161 |

Net Earnings: –$13,301

(Improved from –$62,228 in Q2 and –$132,556 in Q1)

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Treasury Overview (End of Q3)

| Asset | $ Value | % Allocation |

|---------|------------|--------------|

| USDC | $98,720 | 26% |

| stETH | $235,810 | 62% |

| ETH | $44,446 | 12% |

| Total | $379,000 | 100% |

Note: Approximately 50% of planned ETH sales completed. Additional rebalancing expected in Q4.

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4Q25 Objectives

Product & Protocol Development

• Execute infrastructure improvements to restore solver competitiveness

• Deploy solver on Avalanche and Polygon with updated parameters

• Continue exploring additional RFQ/MM protocols

Business Development

• Advance strategic partnerships in solving and market making

• Broaden footprint across DEX aggregators and L2 ecosystems

Treasury & Operations

• Complete ETH sale program and maintain diversified treasury

• Manage expenses tightly relative to revenue

• Enhance internal reporting and performance analytics

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4Q25 Budget Proposal

| Category | USDC Compensation | SECT Compensation |

|------------------------|-------------------|-------------------|

| Engineering | $140,000 | $0 |

| Biz Dev & Ops | $30,000 | $0 |

| Marketing & Community | $2,500 | $0 |

| Operating | $15,000 | $0 |

| Total | $187,500 | $0 |

Commentary

• Engineering allocation remains at $140,000 to support solver infrastructure improvements

• Biz Dev continues at $30,000 to support ongoing partnership discussions

• Marketing & Community remains lean but targeted for impact

• Operating expenses unchanged, reflecting cost discipline

• No SECT compensation planned for Q4

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Closing Note

Sector Finance enters Q4 with a strong treasury position and the smallest net loss since inception. While solver competitiveness dipped at the end of Q3, our pipeline of infrastructure upgrades, cross-chain deployments, and partnerships positions us to regain momentum and continue progressing toward breakeven and long-term sustainability.