Settings and Members
Manage the settings of your Squad and its members.
Settings
The "Settings" tab displays the information about the Squad and allows to:
View the Squad's vault address and multisig address
Edit the photo, name, and description of the Squad
Check the confirmation threshold and initiate a transaction to change it
Select the default explorer for the Squad's transactions
Add a spending limit for a member of your Squad to withdraw funds
Set a time lock for the Squad's transactions
Vault and Multisig Address
DO NOT set the Multisig Account address as an authority of your programs nor send any kind of assets to it.
ONLY the Squad Vault address should be set as the owner of your assets/authorities. The Multisig Account address is used solely for CLI settings commands.
Sending assets or setting authority to the Multisig Account address will cause irreversible loss of funds/assets.
When creating a Squad, a Program Derived Address (PDA) with specific details such as the members, a threshold, and more is created. The address of this PDA is referred to as the multisig account address. The PDA is owned by the Squad program, which is why it's exclusively used for Squad detection.
Meanwhile, the Squad Vault as well as Sub-accounts are PDAs derived from the multisig account address. Unlike the Squad's PDA, they aren't owned by the program, allowing them to be used as classic wallets to send and receive funds.
Threshold Parameter
The confirmation threshold is a crucial component in securing the assets within a Squad. It represents the number of Squad members whose confirmations are required before a transaction can be executed, ensuring that asset management is secured by multiple signatures.
When configuring the confirmation threshold for a Squad, make sure not to set the threshold at 1/m signatures since it creates a single point of failure, as only one member is needed to confirm and execute a transaction.
Additionally, try to avoid setting the threshold at maximum capacity (e.g. 2/2, 3/3). In this case, loosing access to one key may result in the loss of access to the entire Squad.
To adjust the confirmation threshold:
Navigate to the “Settings” tab.
Click on the threshold icon, set the new threshold and launch a transaction.
Only members who have been granted the "Voter" permission will be taken into account when calculating your threshold parameter. If you have a Squad with members without "Voter" permission, they will not be calculated towards the threshold.
The threshold will be changed upon transaction execution.
Please note that due to security reasons changing the confirmation threshold for your Squad will result in cancellation of all the "Active" and "Ready" transactions in a Squad. To avoid any potential issues, it is recommended that you complete any "Active" or "Ready" transactions before changing the threshold.
Spending Limits
Spending limits are an essential feature that allows Squad members to operate more efficiently. By assigning a spending limit to a member, the Squad grants them permission to move a certain amount of assets from the treasury without creating a transaction that needs to be executed by the Squad members.
To add a Spending Limit:
Navigate to the “Settings” tab.
Click the “Add Spending Limit” button.
Specify the parameters and click the “Initiate” button.
When setting a spending limit, a member needs to specify the following parameters:
Account - the account from which a member will be able to withdraw funds.
Token and max amount - The specific token and its maximum amount that a member can withdraw. Currently, a member can set only one token per one spending limit.
Time frame - The time frame within which the spending limit is functional. The amount available for withdrawal will be reset at the beginning of a new time frame period. If a member sets "None," then the spending limit will be active until the full token amount is withdrawn.
Destination - A wallet address to which a member will be able to send funds without additional approval. A member can add multiple addresses for withdrawals.
After the spending limit is set, it can be viewed on the member's card by clicking on it or viewed and edited in the "Settings" tab.
Make sure you monitor active spending limits to ensure they still make sense for your operations. They should be reserved for trusted members and frequently updated to align with changing organizational needs or if a member is no longer part of the project.
Time Locks
Squad members can set a "time lock" for the Squad's transactions, allowing them to defer the execution of transactions (after they have been approved) for a period of time.
Understand how multisig transactions work here.
The time lock applies globally to all Squads transactions once set. All "Active" transactions and "Ready" transactions related to changing Squad settings, that have been initiated before the time lock was set, will flip to a "Canceled" state after the Squad has activated the time lock.
A time lock can be set for the following time periods: 1 hour, 1 day, 1 week, Custom (set a time period in seconds), None (this option disables the time lock).
To create a time lock:
Navigate to the “Settings” tab.
Select the desired time lock period and initiate a transaction.
The time lock will be active upon the transaction execution.
When setting a time lock ensure you are comfortable with its duration so your funds remain accessible when needed. Avoid a too long period (e.g. 1 month) if you expect to manage your assets regularly.
Members
Members are added to a Squad via their public key.
The "Members" tab allows Squad members to:
view members of the Squad
initiate a transaction to add or remove a member by clicking the "Add Member" button or the "Bin" icon
rename wallet addresses of members (saved on local storage and visible only to the person who modified the name)
navigate to members' Twitter profiles (if they linked their profile via Bonfida)
Squads Pro users can also set permissions for members and manage the "Modules" that include the fee relayer and SquadsX.
Manage Members
Adding a member:
Click on the "Add member" button.
Insert the public key of the member.
Specify permissions for the member if you have a Squads Pro subscription (More about "Permissions" here).
You can also choose to change the threshold of your Squad in the same transaction. If not, the threshold will remain the same with a new member added to the Squad.
Launch the transaction.
Transaction can be signed and executed in the transactions list or directly in the “Members” tab.
Please note that due to security reasons, adding new members or changing the confirmation threshold for your Squad will result in cancellation of all the "Active" and "Ready" transactions in a Squad. To avoid any potential issues, it is recommended that you complete any "Active" or "Ready" transactions before changing the threshold.
To remove a member:
Click on the "Bin" icon on the member's card.
Click "Initiate".
The member will be removed from the Squad upon execution of the transaction.
Permissions
For more granular control on how members of a Squad can operate, Squads Pro users have the ability to set permissions for each member in how they can trigger and approve transactions.
Learn more about Squads Pro features here.
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