Squads Protocol's codebase is also source-available (available to view here) and the programs have been written in Anchor, a framework for building secure Solana programs.
Additionally, we strongly believe that core primitives existing on open and permissionless networks should be made immutable as soon as practically possible. We are committed to making Squads Protocol programs immutable within months of public release.
Squads Protocol v3 (powering Squads Legacy) has been immutable since February 2023 and Squads Labs nor anyone else is not able to alter the on-chain code in any way.
Squads Protocol v4 (powering Squads) has undergone two formal verifications and will be made immutable in Q1 of 2024.