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Daily Automated PVM Event

Hello, just wanted to get something formal out here as we were discussing in discord and it turned into a firestorm. The theory was to create a PVM event that was free of griefing. Something similar to 'monster bash' / a progressively harder dungeon where everyone worked together who joined the event.

- PVP / Stealing / harmful acts disabled. - This was primary point from the discord discussions.
- Instanced location that you could not normally get to on the map.
- Ideal time would be 20-30m and would go 2x per day to help any timezone inconsistencies.
- Design would be a long corridor type dungeon that was spawned with a good amount of monsters starting very easy with skeletons, going into medium grade like liches and onto eventually daemons/balrons type as the group progressed / got further. At the end there would be a mini boss with some simple mechanic to not take area damage or something (to kill off the AFKs!)
- Monsters inside could change every week to provoke people to keep coming back.
- Gold loot could be halved as normal to not be a means of farming and cosmetic items / rares at the end boss would be main goal?
How would you recommend handling loot? Would it be token based, ffa, damage based or something else?

Maybe get "gauntlet points" similar to faction points and put it on a rotation similar to struggles?