2nd AFC Report | 01/07/2025 - 18/09/2025

[Poggi_Luca]

GM Astar community!

It’s time to release the second Astar Finance Committee (AFC) Report, which covers the activities carried out by the AFC during July, August and part of September 2025.

It was internally decided to publish the second report using a new, simpler, and shorter format, avoiding the need to list the long series of on-chain activities carried out by AFC during the aforementioned period. The focus was instead placed on the most relevant sections of the report: Asset Allocation, Earned Amounts, Burned, Buy-Back & Burned and Coretime Reserve Amounts and Weekly Meetings Minutes. It is also important to highlight that all on-chain activities performed by AFC can be independently verified by anyone in a fully autonomous and permissionless manner, through the specific block explorers available for each network on which AFC operates (all details can be found in the final section of this report). Please note that the report format may undergo further changes and optimizations in the future, with the goal of providing the community with the best possible tool to monitor AFC’s activities. At the same time, it is intended not to be a mere formality, but a resource that can actively support AFC members in carrying out their work and help them make responsible and informed decisions.

Since its formation, the AFC has been actively working on the management of DAO allocation assets and the implementation of strategies aimed at fostering value creation, diversifying reserves, and deploying liquidity responsibly across ecosystems.

---

Asset Allocation

As of 18^th September 2025, the assets managed by the AFC are allocated as follows (addresses with negligible balances are excluded from the report).

AFC Pure Proxy on Astar Network [SS58 (Substrate)]

Subscan (click for more details)

• 200M ASTR locked in dApp Staking
  • 50M ASTR staked on OnFinality dApp
  • 60M ASTR staked on Astar Safe dApp
  • 90M ASTR staked on Community Treasury
• 117,286,894.1900 ASTR transferable amount

AFC Multisig 3/5 threshold [SS58 (Substrate)] on Hydration

Hydration App (click for more details)

AFC Multisig 3/5 threshold [EVM] on Soneium

DeBank Dashboard (click for more details)

---

Earned Amounts

Since 29^th June 2025 up to 18^th September 2025, the amounts earned (mainly from dApp staking, liquidity provision and farming) are as follows:

• dApp Staking: 4,700,788 ASTR —> as decided by AFC members, this amount of ASTR tokens will be burned on 24^th September 2025.
• Hydration LP:
  • vDOT farming: 178.67 vDOT (about 606.15 vDOT converted in DOT and used as Coretime reserve)
  • HDX farming: 32,037.49 HDX (about 77,428.56 HDX DCA sold for USDC)
  • GDOT farming: 9,694.81 GDOT (about 4,753 GDOT sold for USDC)
• Velodrome LP:
  • VELO farming: 10696.24 VELO (completely sold for USDC)
• Additional rewards, not directly quantifiable until the moment of redemption or swap of the liquid staking token, are represented by holding the tokens of liquid staking protocols: Bifrost (vASTR, vDOT) and Astake (wstASTR). These tokens appreciate over time relative to their underlying assets, as they continuously accumulate staking rewards.

---

Burned, Buy-Back & Burned and Coretime Reserve Amounts

Burned Amounts

• 887,284 ASTR (887,283 ASTR + 1 ASTR) on 18^th July 2025 as announced in the 1^st AFC report

TOTAL ASTR burned by AFC since the start of its operations: 887,284 ASTR

Buy-Back & Burned Amounts

TBD

Coretime Reserve Amounts

• 5 DOT as test transaction to Astar sovereign account on the Coretime System Chain
• 295 DOT to Astar sovereign account on the Coretime System Chain for auto-renewal system (renewal failed due to UI/UX issues)
• 650 DOT (648 DOT + 2 DOT) to Startale Core Developer wallet on Polkadot to buy the new Coretime (it was manually purchased due to auto-renewal system fail)

TOTAL Coretime reserve amounts provided by AFC since the start of its operations: 950 DOT

---

Weekly Meetings Minutes

This section contains the minutes of the weekly meetings, summarizing the main topics discussed, decisions taken, and tasks assigned.

2^nd July 2025

• Performed on-chain operations in sync
• Luca Poggi proposed 1^st report final draft document and other members reviewed it and provided their feedback
• It was agreed to sell VELO tokens (previous and future rewards from Velodrome LP staking) for USDC
• Mingshi Song explained the ASTR-collateralized stock trading initiative with SoneFi
• Mingshi Song took on the task of evaluating to add 5M ASTR to WaveX

9^th July 2025

• Performed on-chain operations in sync
• Guenael Wagner and Mingshi Song shared the status of Neemo exploit and the calculation for loss on AFC side
  • Marcelo Alvarenga proposed to cancel ASTR burning to cover the potential loss of Neemo exploit
  • It was agreed to not take any action before having more clarity on Neemo compensation plan
  • It will be decided whether to continue to use Neemo after having more clarity on Neemo compensation plan
• Guenael Wagner explained the process for Coretime buying sponsored by AFC
  • AFC will keep always about 500 DOT available
• Maarten Henskens anticipated that new projects (that will be deployed on Soneium) are approaching Astar Foundation for seed/private rounds for their tokens: there could be an opportunity also for AFC to invest in their private sale

16^th July 2025

• Performed on-chain operations in sync
• Marcelo Alvarenga proposed risk assessment framework simplified version draft document
• Tested the burn extrinsic for dApp Staking rewards burn
• Xin Xing Phua proposed to sell 25% of GDOT from Hydration rewards over 2 weeks and it was agreed to do that
• Mingshi Song proposed to allocate the idle liquidity on Soneium to SoneFi and Astake
  • He will propose exact amounts in order to be voted by other members
• Maarten Henskens took on the task of opening up the group chat with Astar Degens

23^th July 2025

• Performed on-chain operations in sync
• Marcelo Alvarenga took on the task of scheduling a call with Astar Degens by evaluating the timeslots available
• AFC members discussed about the Neemo compensation plan and controversies that arise
  • It was agreed to vote in Astar governance on-chain using the AFC pure proxy because Neemo compensation plan is a very important proposal and AFC funds were affected by the hack

30^th July 2025

• Performed on-chain operations in sync
• Luca Poggi and You425 shared about thoughts around whether and how we should we engage from AFC perspective in terms of Neemo compensation plan
  • Maarten Henskens suggested to check on technical feasibility in terms of voting and the amount we should use to vote to avoid questions around on result
  • Xin Xing Phua and Mingshi Song agreed on Maarten’s concern and Luca’s statement
  • Luca Poggi took on the task of preparing the extrinsics for voting in the proposal
  • It was agreed to take a decision based on future status of referenda

6^th August 2025

• No specific agenda for the weekly call: it was agreed to skip the meeting
• Performed on-chain operations in async

13^th August 2025

• Performed on-chain operations in sync
• Risk assessment framework draft document proposed by Marcelo Alvarenga was discussed
• Marcelo Alvarenga informed the group about the challenges and difficulties encountered in scheduling the meetings with Astar Degens
  • It was proposed to explore meeting time around lunchtime in American time zone, accommodating European and American time zones
• Marcelo Alvarenga inquired about status of Neemo proposal and next steps

20^th August 2025

• Performed on-chain operations in sync
• It was highlighted that AFC currently lacks significant active initiatives beyond liquidity provision
  • Mingshi Song proposed to explore liquidity support for SoneFi
• It was agreed to fund the Astar sovereign account on the Coretime System Chain for Coretime purchases: it will cover operational costs for next few months
• It was discussed about Astar Network preparing to remove sudo, transitioning to full governance model
• It was discussed about Neemo Finance regarding fund refunds and asset recovery

27^th August 2025

• Performed on-chain operations in sync
• It was discussed about Neemo Finance hack refund:
  • Losses of approximately 3,172,977.04 ASTR have been recorded, based on the difference between the ASTR used to mint nsASTR and provide liquidity in LPs, and the ASTR refunded by Neemo Finance to AFC.
• It was discussed about the parachain renewal failed due to insufficient funds:
  • Estimated price was 55 DOT, but actual price was 550 DOT
  • Only had 300 DOT available in the wallet
  • This failure removed Astar Network from the auto-renewal system (contrary to Polkadot documentation)
  • Several other parachains (including Acala) experienced similar issues due to discrepancies between documentation and actual code
• It was proposed a solution to parachain renewal fail:
  • Coretime will be manually purchased for 550 DOT to secure the parachain
  • Astar Network will participate in next dutch auction to acquire cheaper core time (target: 50 DOT or less)
  • Planned to switch to the cheaper Coretime in September and reinitiate auto-renewal
  • It was agreed to set a minimum balance of 600-1000 DOT in the wallet for future renewals to prevent similar issues
  • It will be provided a feedback to Polkadot/Parity about core time UI/UX issues

3^rd September 2025

• No specific agenda for the weekly call: it was agreed to skip the meeting

10^th September 2025

• Performed on-chain operations in sync
• It was agreed to burn the dApp Staking rewards
• Luca Poggi took on the task of preparing next report
• It was discussed about next commitment, as well as whether AFC members would like to continue being members of AFC

17^th September 2025

• No specific agenda for the weekly call: it was agreed to skip the meeting
• Performed on-chain operations in async

---

On-Chain Transparency

All on-chain activities performed by AFC can be verified by any member of the Astar community using the blockchain explorers relevant to the networks where the activities took place. Below, you will find the list of AFC’s addresses across the networks in which it has operated, along with the individual addresses of AFC members.

Wallet Name	Public Key	Astar Network [SS58 (Substrate)] (*)	Astar Network [EVM] (*)	Soneium (*)	Hydration (*)	Bifrost Polkadot (*)
AFC Pure Proxy	0x922ee694ea772dc63a575845fa57a0c5ea93dfdc2a93ec631d9e426962f1e311	ZEyDXf6563rc78ibEtYQAkHTSKLzMES1m2BrPNdLcma57Tg	N.A.	N.A.	N.A.	N.A.
AFC Multisig 3/5 threshold [SS58 (Substrate)]	0xb622b8b173b6016c7fcf66a9f392e2518313b09afb2a809fa1a69f9b6154f3a6	a47KfkpbXdvKP5jG1tk21kSgtyUCR81aLNokY9JaqFmE59F	N.A.	N.A.	157p2i3og5GHY64QjMVd8WRKTUFzvVyQddc9g7voGZHKpWNQ	157p2i3og5GHY64QjMVd8WRKTUFzvVyQddc9g7voGZHKpWNQ
AFC Multisig 3/5 threshold [EVM]	0xDEa0061c12756F276a7df2Faa3865de187AB1e5C	N.A.	0xDEa0061c12756F276a7df2Faa3865de187AB1e5C	0xDEa0061c12756F276a7df2Faa3865de187AB1e5C	N.A.	N.A.
Maarten Henskens - AFC [SS58]	0xddbd373af7b1f2892a6ddb8e54095d32f6fc8c47852123e7d3220f5c05ddc833	ax35rmE4tKPzfn89aATn6iKxd8krQ73D5CDvmXmXPg8YBg2	N.A.	N.A.	161jnu4D9RwmDNkocumLtbPCjCRHaUxSGNRZrMKGD7hh8pxt	161jnu4D9RwmDNkocumLtbPCjCRHaUxSGNRZrMKGD7hh8pxt
Maarten Henskens - AFC [EVM]	0xE04Ef470062B44A3256DfAC0a0484EEEBd23a6cE	N.A.	0xE04Ef470062B44A3256DfAC0a0484EEEBd23a6cE	0xE04Ef470062B44A3256DfAC0a0484EEEBd23a6cE	N.A.	N.A.
Xin Xing Phua - AFC [SS58]	0x5801736120a0137e293b79762baf4bfca77071606c10e0477447b1a1f35ec3d1	XvgwMpewQg1P9brEihL8WW6nWphJ5WSMYjykhCCozic8kcN	N.A.	N.A.	12zPeQ7e1xJNbraXi4JDF1AyZ67E2AMqQqyKgGyhVikAjC9i	12zPeQ7e1xJNbraXi4JDF1AyZ67E2AMqQqyKgGyhVikAjC9i
Xin Xing Phua - AFC [EVM]	0x8FEd4fCAa019DC766A114eebEE6f3eB492ABbd7b	N.A.	0x8FEd4fCAa019DC766A114eebEE6f3eB492ABbd7b	0x8FEd4fCAa019DC766A114eebEE6f3eB492ABbd7b	N.A.	N.A.
Mingshi Song - AFC [SS58]	0x6e77dc1016c3def627bd400d909e4489b8c033859bca60eee0748aa3da5e23e4	YS9AbgtyKa3LzaC2QnuNcskxKJoe885UAoVBZRQhoruHJMR	N.A.	N.A.	13Vqsdyt3sCQZhYsVkPnV7YditbLNCyUXU2q79CuPXtTscDN	13Vqsdyt3sCQZhYsVkPnV7YditbLNCyUXU2q79CuPXtTscDN
Mingshi Song - AFC [EVM]	0x13FCeA4B291007aCa3Cbb9aABC5D86E71F3d1F39	N.A.	0x13FCeA4B291007aCa3Cbb9aABC5D86E71F3d1F39	0x13FCeA4B291007aCa3Cbb9aABC5D86E71F3d1F39	N.A.	N.A.
Marcelo Alvarenga - AFC [SS58]	0x26aa2928aeb7f06f2f31c60b95f32ed50e929ab2beef099a08bc9e174c87ab34	WozfJRBDbCzRP7WusYMof1gXg528ArKtxbKxzfDjbE4qG5U	N.A.	N.A.	1shNLiAJ8qMe66CPD9Ev9gZJFMYrFhixFpftaSiRKFdRYHC	1shNLiAJ8qMe66CPD9Ev9gZJFMYrFhixFpftaSiRKFdRYHC
Marcelo Alvarenga - AFC [EVM]	0xECF25f90CaA80D3EFBED1932aCfDC5CC71437CC3	N.A.	0xECF25f90CaA80D3EFBED1932aCfDC5CC71437CC3	0xECF25f90CaA80D3EFBED1932aCfDC5CC71437CC3	N.A.	N.A.
Luca Poggi - AFC [SS58]	0xacf7cc49ceacddbbd81366ea0741caa3028f3325e8d84e9a80d47befa6bc0849	Zr697sT4oRht4rBdsK3wLDUXXYnJeGVLzMYxnrTDuy1x1tJ	N.A.	N.A.	14unrAAS9M456mps7Cuw3ptMJ6qK2j7tQHattNdwudzaYDkc	14unrAAS9M456mps7Cuw3ptMJ6qK2j7tQHattNdwudzaYDkc
Luca Poggi - AFC [EVM]	0x792Fb25c66eFcE66102eaE76A60d6ae05b568Ef2	N.A.	0x792Fb25c66eFcE66102eaE76A60d6ae05b568Ef2	0x792Fb25c66eFcE66102eaE76A60d6ae05b568Ef2	N.A.	N.A.

(*) Click on the address to open the corresponding block explorer

---

The Astar Finance Committee (AFC) is a dedicated governance body with the responsibility to manage the Astar Treasury assets assigned to it for generating sustainable revenue streams, accelerating ecosystem growth, and ensuring long-term value returns to the Astar ecosystem.

We encourage all Astar community members to review this monthly report. If you have questions, suggestions or want to get involved in any upcoming discussions, open a topic on the Astar Forum, tag us or drop a message in this discussion.

AFC members:

• @Maarten
• @xxphua
• @Mingshi
• @Marcelo
• @Poggi_Luca

AFC observers:

• @you425
• @Gaius_sama
• @jay

—

Astar Finance Committee

September 2025

[Matt]

This is great work, team I like the shift to a simpler format, it keeps things digestible but still transparent.

One thought: it could be even more powerful if future reports included a quick “insights & outlook” section. Not just what was done, but why certain choices were made and what trade-offs were considered (e.g., why burn vs. redeploy, why hold certain assets).

That context would help the community learn from AFC’s decision-making and spark deeper discussions around strategy!

[Juminstock]

I’m glad to see how our AFC team is working hard to make the Astar ecosystem increasingly robust through good treasury management.

Great report, @Poggi_Luca.

[CJorgeSaez]

Excellent report, great work by the entire AFC team in managing Astar’s Treasury assets!

[BoomBLB]

Thank you very much for the information. A lot of the data is good and very interesting. =)

[pithecus]

Thanks for the detailed summary!

[MrKarahanli-Emre]

Thank you for the detailed report.
I will review it thoroughly at my earliest convenience and share it with our community members both via X and local channels.

[MS-PY]

Thanks for the detailed summary!

[Poggi_Luca]

Thank you all for your valuable feedback and suggestions. We will take them into consideration for future reports. I’m pleased to hear that the new report format was well received!