The Element protocol is unstoppable code. The Element core team does not have an admin key with substantial powers. The contracts are not upgradable. Element Protocol interactions cannot be blocked, stopped, or undone by the team. The team does not have the ability to access any user funds and does not have the power to change term lengths or allow the early release of funds.
The Element team does have a multi-signature wallet that has three temporary administrative powers that will remain in place until the launch of the Element governance system. These three powers consist of:
- 1.The ability to set a governance fee on trading which is at most 30% of the LP fees.
- 2.The ability to collect fees from trading.
- 3.The ability to pause a contract that holds user allowances.
All three of these administrative powers will be transferred to the governance system/community upon launch. It is important to note that a pause of the user proxy does not have the power to stop users from entering positions, exiting positions, or make any other type of protocol action. A pause of the user proxy simply enables the ability to stop anyone from accessing the contract that holds user allowances and would only be activated in the scenario where an exploit allows malicious access to them.
Note: There is no timelock for the time being because of the highly restricted admin controls and multisig described previously.