TermiX: Who truly holds power behind the protocol? Examining on-chain history, @termix_ai does not operate under a fully permissionless model. On July 3, 2026, the Safe multisig 0x1095…195E42 was granted the OPERATOR_ROLE and UPGRADER_ROLE on the USDC Escrow, while these roles were revoked from a previous EOA. This marks a transition from a single-signature wallet to a 2-of-3 multisig: reducing private key risk, but not eliminating centralized control. The transactions that follow confirm that the Safe is the control plane of the system. The Safe grants authorized caller permissions to the staking contract, recorder permissions to the reputation contract, and performs upgrades and updates to dependencies between Escrow, Staking, Reputation, and the Vaults. Thus, TermiX has a clear modular architecture, but critical state transitions still depend on the operator. Notably: among the 35 transactions executed by the Safe, no grantRole(EVALUATOR_ROLE) or grantRole(ARBITRATOR_ROLE) has been assigned to any specific agent. The Evaluator role may be managed via a backend system, a private allowlist, or another mechanism not yet fully disclosed. Conclusion: TermiX is more transparent than a single-private-key model, but it is not yet fully trustless.