What SquadsX Means for Multisigs and DAOs

SquadsX launched in late 2023, and by January 2024, it’s reshaping multisig operations on Solana. This web-extension wallet lets multisigs interact with dApps securely. Builders, here’s what you need to know.

See the full thread: Squads Protocol on X

What Is SquadsX?

SquadsX, rolled out by Squads Protocol in October 2023, is the first multisig web-extension wallet for Solana. It enables multisigs to connect to dApps with the ease of a regular wallet, while keeping security tight.

• Purpose: Links multisigs to Solana dApps without exposing funds.
• Backbone: Runs on Squads Protocol v4, audited by Osec and Neodyme.

It’s a tool for secure on-chain operations.

How It Works

SquadsX extends the Squads app, acting as a bridge to dApps. You connect your multisig, and it handles transaction triggers.

• Flow: A member uses SquadsX to link the multisig, then starts a transaction—like adding liquidity on Raydium.
• Security: Every move requires multisig approval, cutting risks from shady dApps.

Raydium noted its smooth integration: Raydium on X.

Why Use SquadsX Over Phantom or Ledger?

SquadsX isn’t just another wallet—it’s built for multisigs, unlike Phantom or Ledger.

• Multisig Focus: Phantom (a Chrome extension wallet) and Ledger (a hardware wallet) are single-key solutions. SquadsX lets multiple parties approve transactions, critical for DAOs and teams.
• dApp Integration: Phantom connects to dApps easily but lacks multisig support. SquadsX brings that same dApp access to multisigs, something Phantom can’t do.
• Security Edge: Ledger offers hardware security, but SquadsX adds multisig approval on top—reducing risks if one key is compromised. It’s also software-based, so no hardware delays.

For solo users, Phantom or Ledger works fine. For teams, SquadsX is the tool.

Why Builders Should Care

SquadsX opens doors for DAOs and on-chain teams:

• dApp Access: Multisigs can now hit DeFi, NFT markets, or any Solana dApp.
• Security: Enterprises can operate on-chain without single-point failures.
• Efficiency: Streamlines multisig transactions—no more awkward hacks.

It’s compatible with major dApps as of January 2024, even in beta.

Get Started

SquadsX is live for Pro subscribers through the Squads app:

• Access: Sign up at Squads App.
• Integrate: Developers can add SquadsX support—see the Squads docs.
• Explore: Full launch details are here: Squads Blog.

It’s a beta, so bugs are possible.

What’s Next?

Squads Protocol is pushing forward. More dApp integrations are on the horizon, and DAOs could see better governance and treasury tools in 2024.

The Takeaway

As of January 2024, SquadsX is live and redefining multisig operations on Solana. Builders, it’s ready for you to use.