Amulet Protocol is delighted to announce that all of our programs upgrade authority has been updated to multisig on Squads. Squads simplifies management of developer and treasury assets for teams building on Solana and SVM. This exciting news ensures that Amulet can secure our programs in a multisig and manage them effortlessly within the team.
Amulet has been deep in discussions with the Squads team and felt their solution was a perfect fit for the Amulet team, especially with our BUIDL on Solana.
Check out the Amulet page on Squads here.
What is Squads?
Squads is a crypto and web3 company operations platform that simplifies management of treasury and developer assets for teams building on Solana and SVM (Solana Vector Machine). With Squads, the Amulet team (and others) can secure programs, treasuries, validators and tokens in a multisig and manage them jointly.
Built on top of the Squads Protocol, an open-source, formally verified and immutable smart contract wallet infrastructure for Solana, Squads allows teams to manage a variety of on-chain assets together in a secure, decentralised and intuitive way.
Squads will help Amulet by solving 3 core existing programs within asset management:
- User experience – Squads have transformed a lot of the experiences that previously required developers to interact with the CLI into well-designed user flows all contained within an intuitive interface
- Security – Squads is built on top of Squads Protocol which is a smart contract wallet infrastructure layer for Solana that allows to secure ownership of these assets with multi-signature logic, requiring multiple signatories to approve actions. That allows to decentralize control over these assets amongst the Amulet team and removes single points of failure.
- Transparency -Squads provides teams with much greater transparency, allowing for the main stakeholders to have more visibility and a way to approve actions critical for the development of their project.
How is Squads strengthening Amulet’s security?
Every Squad (like Amulet) is a multisig at its core. A multisig is a non-custodial solution where control over assets is not exercised by a single private key, but rather by multiple private keys acting as owners of a smart contract where the assets reside. It can be thought of as a safe that requires multiple unique keys to open it and move the assets. That means that even if one of the keys is compromised – the assets are secure (no single point of failure).
By updating all our programs upgrade authority to multisig, any transactions or actions taken within Squads requires the approval of multiple team members. Therefore, the risk of unauthorised or malicious activity is reduced significantly. It will become impossible for a single owner to access, manipulate or trigger harmful activity towards Amulet.
Security information for Squads:
To ensure security and reliability of the protocol we made sure that it’s:
- Open source (https://github.com/Squads-Protocol/squads-mpl)
- Immutable (https://solana.fm/address/SMPLecH534NA9acpos4G6x7uf3LWbCAwZQE9e8ZekMu?cluster=mainnet-solanafmbeta)
- Formally verified (https://osec.io/blog/2023-01-26-formally-verifying-solana-programs)
- 3x times audited by Neodyme, OtterSec and Bramah Systems.
We’re really excited with this news and we know our community will be too. This is the start of a long and exciting partnership between ourselves and Squads and we hope to announce further news, including cross-marketing campaigns to help strengthen our relationship.
If you have any questions, our team is available via Discord: discord.gg/AmuletProtocol