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Multisigs interact with the ecosystem via transactions. Transactions created for the multisig to act upon will have the following states: Draft, Active, ExecuteReady, Executed, Rejected, or Cancelled.
Each Transaction is ultimately executed by an authority PDA derived from the multisig. A transaction, regardless of how many instructions are attached to it, can only represent a single authority. Transactions are limited to having a maximum of 255 instructions.