For more information about the context and the options, see the discussion on loot-talk. Note that Option 3 in the loot-talk post is not the same as Option 3 below.
We would allow people to mint familiars until it sold out (8000). Funds raised would be used to purchase more Loot and these would be deposited in the vault.
We would stop Familiar minting and people could unlock more $FLOOTs by depositing Loots in the vault.
A mix approach of Option 1 and 2 where people could unlock $FLOOT by either minting familiars or depositing Loots in the vault.