Multisig membership includes two Ellipsis founders, two members of Curve Finance and one of Yearn. Requiring three signers ensures no single entity can perform a malicious action or otherwise abuse the admin powers within the protocol.
Day to day protocol operations are handled exclusively by the Ellipsis team. The membership of Curve and Yearn team members on the multisig does not imply that they are active participants within Ellipsis.