CoinDesk reported:
Exactly as you said. It’s a set of smart contracts that route Ethereum from the end-user, through node operators, to specific validators. And it operates in a permissionless manner, and no one, no human person, has any interactions, at any point, with the protocol. So, it’s fully, fully, fully smart contract-managed. And best of all, contracts are open-sourced, so anyone at anytime can come and audit everything by themselves.