Learn about setting up a multisig wallet on Solana with Squads.
A Squad is a multi-signature wallet that requires multiple signers to confirm a transaction.
- Users can create a classic multisig where everyone has equal voting power (1 signature = 1 vote) or a vote weighted option called "Teams".
- Members are added by their wallet addresses (public keys).
- Up to 5 initial members can be added upon creation; the following members will need to be added via transaction (up to 150 members total).
- Squad deployment costs approx. 0.08 SOL (Solana network fees, currently undergoing cost optimization refactor).
- Each Squad has a Vault where users can send, receive, & store assets, do swaps, and earn yield.
- Every action in the Squad triggers a transaction which needs to be approved and then executed.
- The "Info" tab contains basic information about the Squad such as its address, name, pfp, and transaction approval (confirmation) threshold. Any team member can initiate a transaction to change the threshold in this tab.
- All fees incurred by users are Solana network fees, none of them are collected by the protocol.
A multisig wallet serves numerous use cases for both teams and individuals.
Multisigs can be used to collectively own and invest in crypto with friends or business partners, store crypto with extra security, and can even be used as a shared crypto savings account with your family.
Squads is a protocol built on the Solana blockchain, therefore anyone wanting to create a Squad needs to have a Solana wallet such as Phantom, Solflare, or Glow. This wallet should be funded with at least 0.08 SOL in order to pay the Squads creation fee. This wallet will also be the wallet you use to confirm transactions in your Squad, so make sure to keep your private keys safe. Each member of the Squad will also need their own Solana wallet in order to interact with the application. Anyone can create a Solana wallet, connect it to the App, and create their Squad in just a few clicks.
The Squads multisig dashboard has four tabs: Transactions, Owners, Vault, and Info.
Transactions show your Squad's transaction history.
Owners show all members in your Squad.
Vault is where you store, send, and receive cryptocurrencies & NFTs. There is also an "Earn Yield" tab within the vault where you can utilize numerous yield generation strategies.
Info displays basic information about your Squad.
Squads will be adding more features and integrations built on top of the multisig primitive to expand the scope of services offered.
Creating a Squad is intuitive and can be done in less than 5 minutes.
- 2.Choose which type of Squad you want to create (Multisig or Teams)
- 3.Add new members by their wallet addresses (public keys)
- 4.Choose confirmation threshold
- 5.Press Deploy
- 6.Congratulations! You now have a multisig wallet where you can deposit assets into the Vault, diversify via swaps, invest in yield generating options strategies (powered by Katana), propose to change the threshold, and more!
Ready to create a Squad? Click next to see a step by step guide with pictures.