# Forward Industries SOL

> Not investment advice. Ratings describe on-chain configuration only and may contain errors.

Snapshot 2026-10-24, methodology v0.2. Source: Celebtir, CC BY 4.0.

## Summary

- Chain: Solana
- Category: liquid-staking
- Stage: Unrated
- TVL: $281.03M
- Website: https://www.forwardindustries.com/
- Core programs controlled by a Squads multisig

## Value

- Stablecoins $0, SOL $281.03M, BTC $0, other $0
- fwdSOL (deposit): worst rating High. new supply can be minted by unrecognized controller 3ndM…2xnA

## Activity

- 24h volume: unavailable: no volume metric for this category; fees only
- 24h fees: $40.43K (+35.7% over 7 days)

## Risk summary

- High: An approved upgrade takes effect immediately. Withdrawal completion within that period is not established by these configuration facts.
- High: The source of deployed program SP12tWFxD9oJsVWNavTTBZvMbA6gkAmxtVgxdqvyvhY is not public, so users cannot review its behavior from published source.
- Medium: Core program code can be replaced by 6 of 11 voters of multisig AApfiPZgV5MoPU691GwhdDhq5sKEMMH1Uh8S4Z9xvP6b.

## Risk analysis

- Upgrade control: **Medium**. Squads v3 multisig, 6 of 11 voters, time lock 0 s. To improve: a multisig of 5+ voters at a 60%+ threshold → LOW, or make the program immutable.
  - Evidence: [Cn5fegqLh8Fmvffisr4Wk3LmuaUgMMzTFfEuidpZFsvV](https://solscan.io/account/Cn5fegqLh8Fmvffisr4Wk3LmuaUgMMzTFfEuidpZFsvV) `upgrade_authority` at slot 460976334
  - Evidence: [AApfiPZgV5MoPU691GwhdDhq5sKEMMH1Uh8S4Z9xvP6b](https://solscan.io/account/AApfiPZgV5MoPU691GwhdDhq5sKEMMH1Uh8S4Z9xvP6b) `threshold, time_lock, members, config_authority` at slot 460976337
- Upgrade delay: **High**. time lock 0 s. To improve: a time lock of 24 h+ → MEDIUM; 5 days+ → LOW.
  - Evidence: [Cn5fegqLh8Fmvffisr4Wk3LmuaUgMMzTFfEuidpZFsvV](https://solscan.io/account/Cn5fegqLh8Fmvffisr4Wk3LmuaUgMMzTFfEuidpZFsvV) `upgrade_authority` at slot 460976334
  - Evidence: [AApfiPZgV5MoPU691GwhdDhq5sKEMMH1Uh8S4Z9xvP6b](https://solscan.io/account/AApfiPZgV5MoPU691GwhdDhq5sKEMMH1Uh8S4Z9xvP6b) `threshold, time_lock, members, config_authority` at slot 460976337
- Admin powers: **Low**. the registry lists no admin accounts; the evidence is the core programs' upgrade reads. To improve: none: LOW is the lowest risk level.
  - Evidence: [Cn5fegqLh8Fmvffisr4Wk3LmuaUgMMzTFfEuidpZFsvV](https://solscan.io/account/Cn5fegqLh8Fmvffisr4Wk3LmuaUgMMzTFfEuidpZFsvV) `upgrade_authority` at slot 460976334
  - Evidence: [AApfiPZgV5MoPU691GwhdDhq5sKEMMH1Uh8S4Z9xvP6b](https://solscan.io/account/AApfiPZgV5MoPU691GwhdDhq5sKEMMH1Uh8S4Z9xvP6b) `threshold, time_lock, members, config_authority` at slot 460976337
- Code transparency: **High**. no public source. To improve: publish the program's source → MEDIUM.
  - Evidence: [SP12tWFxD9oJsVWNavTTBZvMbA6gkAmxtVgxdqvyvhY](https://solscan.io/account/SP12tWFxD9oJsVWNavTTBZvMbA6gkAmxtVgxdqvyvhY) `verified_build` at slot 460976333
- Oracle dependency: **Not applicable**. the registry lists no price feeds; the evidence is the core programs' upgrade reads. To improve: not applicable: nothing to improve.
  - Evidence: [Cn5fegqLh8Fmvffisr4Wk3LmuaUgMMzTFfEuidpZFsvV](https://solscan.io/account/Cn5fegqLh8Fmvffisr4Wk3LmuaUgMMzTFfEuidpZFsvV) `upgrade_authority` at slot 460976334
  - Evidence: [AApfiPZgV5MoPU691GwhdDhq5sKEMMH1Uh8S4Z9xvP6b](https://solscan.io/account/AApfiPZgV5MoPU691GwhdDhq5sKEMMH1Uh8S4Z9xvP6b) `threshold, time_lock, members, config_authority` at slot 460976337
- Dependencies: **Low**. all 1 callees rated Low on upgrade control. To improve: none: LOW is the lowest risk level.
  - Evidence: [SP12tWFxD9oJsVWNavTTBZvMbA6gkAmxtVgxdqvyvhY](https://solscan.io/account/SP12tWFxD9oJsVWNavTTBZvMbA6gkAmxtVgxdqvyvhY) `transaction sample (50 transactions)` at slot 460975493
  - Evidence: [6WU8Nxarf9fudRK5atWwjLY4vFaw5UrrWhL88qz7iCMJ](https://solscan.io/account/6WU8Nxarf9fudRK5atWwjLY4vFaw5UrrWhL88qz7iCMJ) `upgrade_authority` at slot 460976623

## Stage

Unrated. Stages describe who can change the protocol and how fast. They don't measure code security.

- [x] Stage 0: core programs identified in the registry (1 core programs)
- [ ] Stage 0: public source for every core program (no public source: SP12tWFxD9oJsVWNavTTBZvMbA6gkAmxtVgxdqvyvhY)
- [x] Stage 0: upgrade control readable for every core program (upgrade control read for all core programs)
- [x] Stage 1: upgrade control rated Low or Medium (MEDIUM: Squads v3 multisig, 6 of 11 voters, time lock 0 s)
- [ ] Stage 1: upgrade delay of the Stage 1 minimum, unless upgrades need an emergency multisig (SP12tWFxD9oJsVWNavTTBZvMbA6gkAmxtVgxdqvyvhY: effective time lock 0 s; needs 5 days+ or an emergency multisig of 8+ voters at 75%+)
- [x] Stage 1: admin powers rated Low or Medium (LOW: the registry lists no admin accounts; the evidence is the core programs' upgrade reads)
- [x] Stage 1: no multisig has a single-key config authority (no single-key config authority)
- [ ] Stage 1: verified builds for all core programs (not verified: SP12tWFxD9oJsVWNavTTBZvMbA6gkAmxtVgxdqvyvhY)
- [x] Stage 1: every factor could be read (Unknown caps the Stage at 0) (no Unknown factors)
- [ ] Stage 2: core programs immutable, or upgradeable only through on-chain governance with a long delay (upgradeable without 30 days+ governance delay: SP12tWFxD9oJsVWNavTTBZvMbA6gkAmxtVgxdqvyvhY)
- [x] Stage 2: no key can move or freeze user funds (no admin key can move or freeze funds)

## Control graph

- Sanctum SPL Stake Pool → Forward Industries SOL: core program
- fwdSOL → Forward Industries SOL: used as deposit
- Unrecognized → fwdSOL: can mint · no delay
- Squads 6 of 11 · no delay → Sanctum SPL Stake Pool: can upgrade · no delay

## Permissions

- Unrecognized [3ndMuPC9Cz5VC4RJkpoPaZz6Px6eVXtRenw9Yi1o2xnA](https://solscan.io/account/3ndMuPC9Cz5VC4RJkpoPaZz6Px6eVXtRenw9Yi1o2xnA)
  - Mint tokens: fwdSOL (Forward Industries), no delay
- Squads 6 of 11 · no delay [AApfiPZgV5MoPU691GwhdDhq5sKEMMH1Uh8S4Z9xvP6b](https://solscan.io/account/AApfiPZgV5MoPU691GwhdDhq5sKEMMH1Uh8S4Z9xvP6b)
  - Upgrade the code: Sanctum SPL Stake Pool, no delay
- Held by no one: Freeze tokens (fwdSOL (Forward Industries))

## Programs

- Sanctum SPL Stake Pool [SP12tWFxD9oJsVWNavTTBZvMbA6gkAmxtVgxdqvyvhY](https://solscan.io/account/SP12tWFxD9oJsVWNavTTBZvMbA6gkAmxtVgxdqvyvhY): core, Upgradeable loader, controller Squads 6 of 11 · no delay, no public source, last upgrade none found

## Upgrades & governance

- Upgrades: 0 so far (history still filling)
- Last upgrade: none
- Average interval: not enough upgrades

## Updates

No changes have been recorded for this protocol since tracking began.

## Dependencies and sources

- Calls [Stake11111111111111111111111111111111111111](https://solscan.io/account/Stake11111111111111111111111111111111111111): Immutable, rated Low
- Registry source for multisig Squads v4 (AApfiPZgV5MoPU691GwhdDhq5sKEMMH1Uh8S4Z9xvP6b): https://solscan.io/account/AApfiPZgV5MoPU691GwhdDhq5sKEMMH1Uh8S4Z9xvP6b
- Registry source for program Sanctum SPL Stake Pool (SP12tWFxD9oJsVWNavTTBZvMbA6gkAmxtVgxdqvyvhY): https://solscan.io/account/2iZHumJq19hyCYkD3xFoZ6dbiFbJ5nqbwALMdJBYQsJa
- Registry entry last reviewed: 2026-10-19 by celebtir-loop-draft

Web page: /protocols/forward-sol/