Flow of the token
Hodl Finance Ecosystem - Token Flow

Decentralized Finance (DeFi)

The Hodl Finance ecosystem has two sides, one of which is the DeFi side.
On this side the reflection takes place since it has been hard coded in the smart contract and also is distributed through the smart contract. You can say it is done in a decentralized manner since it is recorded on-chain and there is no human interaction necessary to reward our hodlers through reflection.
The Liquidity Pool is automatically filled by the smart contract too. So again, just as with the reflection the smart contract takes care of filling the Liquidity Pool. No human interaction is needed.

Centralized Finance (CeFi)

The other side of the Hodl Finance ecosystem is the CeFi side.
The centralized part of the Hodl Finance ecosystem is managed by the foundation which is called 'Stichting Hodl Labs'. It makes sure that the trading algorithms run smoothly and that all inflows, conversions and surplusses are managed in the correct manner.
Also the marketing treasury falls under the centralized part since it is essential to have the marketing going constantly, communicating all marketing efforts with the community would be too long a process which would not be benefecial for the ecosystem as a whole.
The Mystery Challenge is created centrally, with multiple people because no one must be able to know what it is, how it works and how to solve it. The team created it since they already proved that they are a trustworthy party always looking for the best for the community.
Then the Treasury is also managed centrally, for now. If decisions over the Treasury were made decentrally, it could be that unusual proposals would be apporved since there is no curating process. So for now the Treasury is managed centrally but when the time is right we will be looking for ways to get it to the decentralized side for even greater transparency and trust.