Squads Protocol Hits 1M Staked SOL

Stepan Simkin, the co-founder of Squads Labs, has announced on his X account that over a million Solana (SOL) tokens have been staked through Squads’ smart accounts.

We just crossed the mark for 1M+ SOL staked via @SquadsProtocol smart accounts. Smart accounts are a great tool for staking SOL:

– our smart account infra is 7x audited and 2x formally verified
– protect your setup with multiple keys (mix cold and hot wallets)
– stake native or… pic.twitter.com/nGDIQS02VV

— Stepan – smart/acc (@SimkinStepan) June 22, 2024

Squads is a Solana-based multi-signature protocol that helps businesses and individuals manage on-chain assets, including treasury, tokens, and admin keys, with enhanced security. Some of its clients include platforms like  Jupiter, Tensor, and Drift, which are the largest decentralized applications (dApps) by total value locked (TVL) on Solana.

Squads Raises $10M

As CryptoMode reported, Squad Labs raised $10M in a Series A Funding round led by Coinbase Ventures, Placeholder VC, and other prominent investors. Squads’ total funding amounts to $22.5M, achieved in three rounds. 

That same day, the protocol launched Fuse, Solana’s first smart wallet, available for iOS users on Apple’s TestFlight platform.

Fuse uses Squad Protocol’s smart accounts to offer a programmable smart wallet experience, eliminating the need for seed phrases. The app is expected to be available on the App Store in early July.

More crypto protocols and companies are opting for a more user-friendly and simpler design in order to onboard more users. For instance, Coinbase also introduced a similar product called smart wallets, which provides seamless crypto management and a more intuitive UI/UX, with the goal of bringing over 1 billion users on-chain.