At Squads Labs, we are committed to delivering the safest and most reliable multisig solutions on Solana. Hence, we recently engaged Certora to conduct a security analysis report and formal verification on the new Squads Protocol v4 program. This effort ensures that it lays the foundation for the new core multisig infrastructure for Solana-based teams and projects, v4, building upon what was established with v3.
The audit and formal verification, which took place between August 29, 2023, and October 5, 2023, included several stages, including an exploratory period, multiple readings of the code and hands-on testing. The Certora report concluded with no major security flaws, reaffirming our commitment to security and reliability.
Certora, a leading audit firm in smart contract security, is renowned for its formal verification expertise. This process uses complex mathematical models to ensure the correctness of algorithms, such as those in smart contracts. This rigorous analysis involved scrutinizing the code at the bytecode level, a technique unique not only in crypto but also across the tech industry. Focusing on our new Squads Protocol v4 program, this marks Certora's first formal verification report on Solana.
Formal verification is critical in the design of various safety-critical systems, including chip design and autonomous system security. The Certora Prover can demonstrate the absence of bugs in a program by solving complex mathematical constraints. This unique method helps to identify potential violations of invariants - rules that should never be broken in smart contracts. This technology has previously identified crucial bugs in major protocols like Aave, Compound, Balancer and SushiSwap, often discovering and fixing these issues before deployment.
The successful formal verification of the Squads Protocol v4 marks a crucial step forward in providing our users with a new secure, transparent and reliable multisig experience on Solana. This process is crucial in ensuring that our code is robust and secure for deployment. The report's conclusion of no major security flaws showcases the robustness of v4 to our users while we continue to pave the way in protecting and empowering assets of teams and organizations on Solana.
View the full Certora report here.
About Certora
Certora develops unique technology which supplements your programming experts and manual auditors by automatically detecting security vulnerabilities both before the code is deployed and during operation. The process is executed automatically and provides mathematical proofs of correctness on a daily basis. To learn more about Certora, please visit https://www.certora.com/.
About Squads Labs
Squads Labs is a core contributor to Squads Protocol, the leading multisig infrastructure on Solana. In addition to helping maintain the protocol, Squads Labs makes the Squads platform, an institutional-grade multisig platform for Solana-based teams. The Squads platform helps web3-native teams manage and secure digital assets on-chain. To learn more about Squads Labs, please visit https://www.sqds.io/.
