The Element Protocol v1 smart contracts are public and open source. The Protocol’s core contracts can be found in the elf-contracts Github repository here.
As described in our Construction Paper, Element’s architecture is based on native assets (initially BTC, ETH, USDC, and DAI) getting deposited into DeFi products which earn some rate of return and have a very low risk of loss. Element issues the user two tokens, one representing the base principal, one representing the variable interest gained over the term period. With Element, there’s a wide degree of composability and different forms of integration are possible. This gives Element the flexibility to support many different products to be built on top of the Protocol.