Smilee is a brand new protocol that enables previously impossible strategies in DeFi.
Given its complexity and experimental nature, it has been struck a balance between decentralization and the possibility to counteract unforeseen issues.
This translates into having some financial parameters and peripheral smart contracts that can be updated. At the same time, to ensure adequate decentralization and users' protection, Smilee has put in place:
Strong Role-based Access Control (RBAC) rules.
Strict time lock and cap / floor values.
Furthermore, Smilee will follow a gradual decentralization roadmap based on three stages:
Stage 1, protocol launch & initial growth: RBAC roles are managed by the core team.
Stage 2, protocol scaling: RBAC roles are assigned to the DAO.
Stage 3, protocol maturity: the DAO can renounce to all or some RBAC roles, effectively making the smart contracts immutable.