In the fast-paced world of blockchain, where meme tokens on Solana are exploding in popularity, the underlying infrastructure often determines what’s possible. Stepan Simkin, CEO of Squads Protocol, just dropped a thread that's got everyone talking about the future of onchain banking. If you're into meme coins or building on Solana, this is worth paying attention to—it's all about making self-custodial, programmable accounts that could supercharge community-driven projects.

Let's break it down. Simkin kicks off by noting that while everyone's rushing to build neobanks (think digital banks without the traditional baggage), Squads is focusing on the rails they'll run on. The "bank account of the future," as he puts it, is self-custodial—meaning you control your own keys, no middleman needed—programmable, and fully onchain. This setup includes built-in granular permissions and automated money movement workflows. For meme token enthusiasts, imagine DAOs (decentralized autonomous organizations) where community funds are managed securely with custom rules, or automated airdrops that trigger based on onchain events.

Squads Protocol, built on Solana, is making it straightforward to deploy these smart accounts at scale. Already, they've hit impressive milestones: over $15 billion in deposits, $6 billion in stablecoin transfers processed, and more than 130,000 accounts deployed. That's a lot of onchain activity, and it's only getting started.

Back in March, they launched their new Smart Account Program on mainnet, and it's fully open-sourced for anyone to audit or build upon. The big wins here? They tackled composability (how well these accounts play with other protocols) and cost. Deploying a smart account used to cost around $0.35, but with state compression tech, it's now less than a penny. Plus, their execution variant ensures compatibility with every Solana protocol without needing extra onchain state—super efficient for devs working on meme launches or liquidity pools.

They didn't stop there. The update includes onchain passkey verification for two-factor authentication (2FA), session keys for smoother user experiences, and optimizations to handle larger transactions without bloating fees. If you've ever dealt with clunky wallet interactions in meme trading, this sounds like a game-changer.

Looking ahead, Simkin teases the next big release: an onchain policy engine launching in the coming weeks. This will allow atomic validations—checking every part of a transaction in one go, including data, account states, and even pre/post-execution hooks. Everything's formally verified (math-proven secure) and backed by multiple independent audits. For meme token projects, this could mean enforcing rules like "only allow transfers if the holder has staked for X days" or automating royalty distributions, all onchain and trustless.

All these features will soon be accessible via simple APIs on Grid, with solid docs and dev support. As Simkin says, owning the stack feels great—and for the Solana ecosystem, where memes thrive on speed and low costs, this infrastructure could unlock wild new possibilities.

If you haven't checked it out yet, dive into the original thread on X for the full scoop. It's a reminder that while meme tokens grab the headlines, the tech powering them is evolving just as fast. Stay tuned—meme innovation on Solana is about to level up.