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About Squads
Squads is a smart account standard on Solana (SVM) that enables teams to manage on-chain assets through multi-signature (multisig) wallets. Its core business revolves around providing a programmable layer for treasury management, program upgrade authority, and token administration, allowing multiple members to jointly approve transactions and critical actions.
Its competitive edge lies in transforming multisig from simple fund custody into a flexible, programmable account framework. By integrating with Solana's ecosystem, Squads supports features like time locks, spending limits, role-based permissions, sub-accounts, and batch payments, making it suitable for both DAOs and development teams. The narrative emphasizes decentralization and security, replacing single-point-of-failure private keys with collective governance.
Market pain points addressed include risks of private key loss, unauthorized transfers, compromised admin keys, and lack of operational transparency. Squads mitigates these by requiring multiple approvals, enabling audit trails, and allowing programmable rules for asset management. However, users should note potential risks such as misconfigured thresholds leading to fund lockups, or phishing attacks targeting multisig signers, which are common challenges in the multisig space.
In the past six months (2026-02-28 to 2026-08-29), Squads has focused on enhancing its v4 protocol, which introduced advanced features like sub-accounts for granular permissions, spending limits, and improved support for address lookup tables. The team has also expanded integrations with Solana DeFi protocols and developer tools, aiming to streamline multisig workflows for both treasury operations and program upgrades. No major security incidents have been publicly reported, but the project continues to iterate on user experience and protocol robustness.
Squads, the smart account standard for SVM, has evolved through key milestones. Its v4 codebase was fully open-sourced, enabling transparent, auditable multisig infrastructure. The launch of the Squads Policy Network introduced decentralized policy enforcement via conditional signing, a foundational step toward programmable security. A $10M Series A led by Electric Capital and strategic backing from Haun Ventures signaled institutional confidence in its role as Solana's treasury layer. Over 1 million SOL staked through Squads smart accounts demonstrated real adoption, cementing its position as a critical primitive for on-chain asset management and paving the way for fintech-like applications on Solana.
In the past six months (2026-03-14 to 2026-09-14), Squads has achieved several major milestones:
In April 2026, Squads Labs completed a $5.7M strategic round led by Placeholder, bringing total funding to $12.5M, to support institutional adoption, mobile smart wallets, and account abstraction on Solana.
Released Squads Protocol v4, introducing time locks, spending limits, roles/permissions, sub-accounts, multi-party payments, and address lookup table support, audited by Neodyme, OtterSec, and Trail of Bits.
The Squads Smart Account Program went live on mainnet, audited by OtterSec and formally verified by Certora, supporting multisig, admin keys, permissions, direct debits, subscriptions, and time locks; the accompanying Squads API offers gas abstraction and sponsored transactions, with Crossmint as the first integration partner.
Future development focus: advanced policies (e.g., program interaction restrictions, instruction whitelisting), rent-free account creation (coming soon), mobile-first smart wallet, and deeper institutional and stablecoin payment use cases.
Co-founders and current key executives of Squads:
- Stepan Simkin: Co-founder & CEO. Previously worked at Clifford Chance, investor in Tensor & Helius.
- Deni Ershtukaev: Co-founder & COO.
- Sean Ganser: Co-founder. Also founder of Ganser Applied Dynamics (separate entity).
- Phil Jacobson: Chief Business Officer (CBO). Previously exec at Tensor (acquired by Coinbase) and President at PBJ Capital.
- Shimon Newman: Director of Research.