On September 22nd, Solana multi-signature protocol Squads announced the official start of development for Squads Protocol v5, the next generation of its SVM smart accounts, aiming to accelerate the adoption of smart accounts and account abstraction on Solana and SVM.

In 2025, Solana runtime feature activation will increase the CPI limit, making smart accounts a focus for the Solana chain. To embrace this transformation, Squads is designing Squads v5 to empower developers to build wallets, DeFi applications, and payment solutions, offering seamless login, robust security, and intuitive user experiences.

Earlier this year in June, Squads Labs, the developer of Squads, announced the completion of a $10 million Series A funding round led by Electric Capital, with participation from Coinbase Ventures and others.