> For the complete documentation index, see [llms.txt](https://docs.elara.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.elara.fi/architecture/roles-participants.md).

# Roles & Participants

**Participants**

| Participant            | Description                                                                                                                                                |
| ---------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Depositors**         | Individuals or entities who mint ELUSD by depositing stablecoins and can redeem for the underlying stablecoins within the liquidity framework.             |
| **ELUSD Holders**      | Anyone holding ELUSD, whether through direct minting or secondary market acquisition. ELUSD does not earn yield on its own; staking to sELUSD is required. |
| **sELUSD Holders**     | Holders who have staked ELUSD. They receive the yield and **bear strategy and NAV losses**. There is no reserve fund or junior tranche behind them.        |
| **Execution Partners** | Run the trading and market-making strategies that produce yield. Currently Arken. Operate within risk parameters defined by the Engine.                    |

**Privileged Roles**

| Role                | Can do                                                                                                                                                                                                                                              | Constrained by                                    |
| ------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------- |
| **Contract admin**  | Add or remove supported collateral, toggle mint and redeem per token, update per-token configuration including fees and the depeg band, change which wallets and adapters count toward NAV, reconfigure oracle sources, change the treasury adapter | Multisig quorum via AccessManager. Not timelocked |
| **Pause operator**  | Pause and unpause the Vault, ELUSD, sELUSD and staking                                                                                                                                                                                              | Multisig quorum. Unpause not timelocked           |
| **Settlement role** | Settle queued redemptions                                                                                                                                                                                                                           | Restricted function                               |
| **Fee collector**   | Collect accrued fees                                                                                                                                                                                                                                | Separate from the admin role                      |
| **AccessManager**   | The contract governing all of the above                                                                                                                                                                                                             | —                                                 |

{% hint style="warning" %}
No single individual or key can unilaterally move funds or change system configuration. Sensitive operations require multisig quorum, and transaction signers are separated from vault administrators. Administrative actions are not currently gated by a timelock; see [Governance & Access Controls](vscode-webview://1un1r27f2rem2gb60icosd8nlrla9m3ibcss9a6jrchbch72asqf/risk-and-security/governance-access-controls).
{% endhint %}