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title: Gringotts 03-03
tags:
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# Gringotts 03-03 Meeting Notes
> https://docs.google.com/presentation/d/1R16sPSByzNyOHXSequbtb4JQUmYLmuecejiZxHinjB8/edit#slide=id.g117097595a9_0_16

## Automated Strategy
6 loans (13 ETH) were repaid and 5 loans made from these loans. In total, we have made 129 ETH worth of loans. This week's progress is slower because the bot balance is empty. The balance will remain low until 24 March for a big repayment

## Contributors - Compensation Framework (Ryan)
To create clarity, retention, ownership and flexibility for contributors, the compensation model is modelled after DAOhaus'. The model will have 2 leers:
1. Base compensation
2. Bonuses

**Base Compensation**

We will divide the team into different workstreams, which can be divided each season.
1. Brain (Automated strategies, analytics, product)
2. Incubation (Incubation program & hackathon)
3. Servant (Gets things done)

Members first choose a workstream and assess their:
1. Commitment level (time & effort)
2. Self-assessment level (competency)
Combining the commitment and self-assessment level helps to derive a fair compensation for each contributor.

**Bonus**
Every month, x% of total compensation (stables or tokens) is distributed via Coordinape to everyone.

**Retroactive Share Inflation**
We are proposing a one-time 5% share inflation to the DAO. The distribution of these inflated shares will be distributed via Coordinape.

## Product (Chris)
First Product meeting last Saturday was productive on the directions moving forward (Internal / External)

**Internal: Product**
Internally, we will focus on improving our strategies: (1) NFT Bank Data (2) DAO. NFT-Bank improvements will involve rating NFTs based on NFT Bank Data, while DAO-strategy improvements will be to include 30-day average of floor prices

Other product proposals are to
1. Develop the 7-day lending bot to improve efficiency
2. Expand the whitelist of the bot
3. Extend the hot wallet to other users, so we can execute things manually across timezone
4. Create a bespoke NFT bot to test the lend-to-acquire strategy

**External: Incubation**
Externally, incubation DAOs might be the next step towards verticalized investment DAOs. We will focus on incubation, providing guidance, resources and capital to innovate in the space. NFT Ninja seems to be a target for incubation.

Incubation Framework involves 3 stages, with 1 project per stage. The first stage is mainly experimentation & analytics to see what works. In stage 2, we fund further development and provide liquidity to successful experiments. In stage 3, we help to create awareness, work with distribution strategies and look for outside funding.

Gringotts' Season 1 (i.e. stage 1) might include running NFT financialization hackathon to find and fund new NFT projects.

Risks include
1. Loss of focus for the DAO, which we can mitigate by honing the incubation framework
2. Scaling too slowly
3. Doing too much internally

## Rebrand (Ryan)
Everyone seems to have settled for Goblin Syndicate. As projects graduate graduate from the incubator, they could become part of the DAO.

There were no objections to the naming of the DAO, so we will proceed with talking to designers on the look & feel

## Open Discussion
We discussed an idea by arentweall for Gringotts to be a liquidity aggregator for NFT DeFi projects and strategy aggregator for end-users. During this discussion, we think there is value but building a product is challenging (e.g. UX, distribution). More discussion and prioiritization (resources / focus) is required to decide how to move forward

## Next Steps
We will start gauging interest and onboarding contributors to the Contribution Framework through a form