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title: 24 Mar Goblin Sax Call
tags:
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# 24 Mar Goblin Sax Call

## Strategy Update
Realized profit of 5.3 ETH (+1.5 ETH WoW). 70% of our capital deployed

**Automated strategy**
- Made 3 loans this week (16 ETH).
- 5 defaults this week - undecided on what to do with defaults
- 7-day bot is doing 200% APR. **There's a soft poll to deploy funds for this bot**
- We only make bids on 100 of 2000 NFTs on NFTfi - Do we want to expand our whitelist?

**Manual strategy**
- 35 ETH deployed out of 60 ETH (58% utilization)
- NFTfi frontend doesn't inform borrowers of loan due date, creating 'accidental' defaults.

**Defaults**
- 5 defaults occured when the bot was not filtering for our whitelist.
- 2 defaults were by icope (top 5 lender on NFTfi), whereas 1 is from an unknown party
- Somnium Space Worlds is worth 7.99ETH and the principal is 2.26ETH, giving us a 5+ ETH upside if we liquidate the NFT
- Dealing with defaults
- Sell all NFTs without an existing relationship or DAO2DAO opportunity
- **DAO soft poll to decide on selling NFTs from defaults**

## Analytics
**Optimizing Whitelist**
- NFTs with monthly volume >5000 ETH covers 75% of NFTfi volume. 60% LTV at 0.2% hypothetical bad default
- The new whitelist will add collections that exceed 5000 ETH in 30 day volume
- Gringotts Bot now shows current LTV valuations of loans
- Add Invisible Friends, 3Landers, CyberBrokers, Azuki, NFT Worlds, mfer and Sandbox's LANDs
- Remove 0N1 Force, CyberKongz, Beeple Round 2 Open Edition, THE 5000 DAYS COLLECTION - MakersPlace Beeple, The Fungible Open Editions by Pak, Cryptoadz, and Deafbeef.

## GIP-01
**Token Valuation**
- $15M valuation (80% to community treasury, 10% to seed investors, 5% to liquidity providers, 2% to S0 capital contributors, 3% to S0 sweat contributors)

**Retroactive distributions for S0 sweat**
- This will be carried out via Coordinape. For the next 10 days, each member should go in and allocate GIVE points to other members
- This creates a bottom-up way to distribute value for everyone's sweat contributions in Season 0

**Operational raise**
- Raise: $1.5M at 10% of token allocation
- Allows us to bring 4 full-time contributors at ~$100k/year
- 5-10 part time contributors (~$300k pool)
- Maintain a $50k/year budget for miscellaneous items

**Liquidity raise**
- Raise $3M (1000 ETH) to max out current lending strategies
- Allows us to max out lend-to-earn strategy and implement another automated stratgy
- Can make more substantial manual loans

## Open Discussion
- Can the liquidity raise be done over time?
- We don't need all the capital upfront and have more flexibility on liquidity fund-raises
- Operational vs liquidity raise - what is the upside?
- Operational raise investors will get only SAX tokens, whereas liquidity raise investors will get mainly APY from lending with a small allocation of SAX tokens
- Another strategy for automated lending - monitor top NFTfi lenders and frontrun their transactions with lower APY