Transactions
How to initiate and execute various transaction types within your Squad.
How transactions work inside Squads
Transactions are a key element of the Squads platform. Whenever a Squad member makes an action that requires approval from other Squad members, a transaction is triggered.
A transaction can have three states:
Active - there are pending signatures from other Squad members to reach the confirmation threshold
Ready - the confirmation threshold has been met and the transaction can now be executed
Cancelled - the transaction was cancelled by Squad members or due to changes in the Squad parameters
Priority fees
When clicking on "advanced settings", users can set their own priority fee to ensure smooth transaction execution during high network activity. You can check the activity of the network by clicking the “Network Status” button in the top-right corner and also change your Global Priority Fee from there. This will apply across all Squads transactions, including Initiation, Approval and Execution.
Transactions tab
The "Transactions" tab displays all the Squad transactions by date.
How to approve/reject transactions
Squad actions such as adding/removing a member, sending SPL tokens/NFTs, upgrading programs, etc. will trigger a transaction, which needs to be confirmed by the Squad members according to the multisig confirmation threshold.
The Squad member who initiates a transaction automatically confirms the transaction and is transferred to the "Transactions” tab.
Transactions can be approved or rejected either by expanding them or by clicking on the “See details” button and entering a detailed view.
How to execute/cancel transactions
Upon reaching the confirmation threshold a transaction will change its state to "Ready". From this state, a transaction can be executed by any member within a Squad.
Please note that to execute a transaction, only one vote is needed.
In order to cancel one, a confirmation threshold must be reached.
Batch actions
To save time and efforts, users can approve, reject, or cancel multiple transactions in one click. Click on "Batch Actions" and select the transactions you wish to approve/reject/cancel at once.
Rent Reclaim
You can now reclaim rent for Squad transactions. Squads Protocol creates onchain accounts to support the asynchronous multisig process during a transaction's life cycle. Solana charges rent (an upfront deposit paid in SOL) for each of these accounts to store this data onchain.
Once a Squads transaction enters a finalized state (Executed, Canceled, Rejected), these accounts are no longer needed. Rent Reclaim allows you to close these accounts and reclaim the associated rent. Once reclaimed, all transaction history (creation, approval and execution) will still be available and auditable via Solana’s ledger.
Enable Rent Reclaim
Enable Rent Reclaim in the Settings page of your Squads account. The multisig threshold will need to approve this transaction to go into effect.
Auto Rent Reclaim
Once enabled, you can also have auto rent reclaim in the Settings page of your Squads account. When this is turned on, every execution will trigger automatic rent reclamation.
Rent for Cancelled or Rejected transactions will need to be reclaimed manually by clicking the Reclaim rent button in the transaction.
Reclaim Destination
All reclaimed rent will be sent to the Reclaim Destination address. This address is preset to your Squad Vault but can be updated on the Settings page. A change to the Reclaim Destination requires threshold approval.
Reclaim Rent
You can reclaim rent per transaction in the Transactions tab for any transaction with a finalized status (Executed, Canceled, Rejected). Any member of the Squad can reclaim rent without requiring multisig approval.
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