TL;DR
- XRPL’s lending protocol still needs ten additional validator votes to reach the approval threshold.
- The network is preparing to activate an upgrade on October 23 that will fix vulnerabilities related to lending, asset vaults, and token permissions.
- Native lending features still have no confirmed launch date, as the proposed amendments must maintain more than 80% validator support for two consecutive weeks.
The XRPL native lending protocol has yet to secure sufficient validator support for activation, while the network prepares a security upgrade scheduled for October 23.
According to voting records from October 20, LendingProtocol and LendingProtocolV1_1 each have 19 votes, ten short of the 29 required. SingleAssetVault, another essential component, has received 21 votes.
All three XRPL proposals must maintain support from more than 80% of validators for two consecutive weeks before they can be activated. None has completed that process.
XRPL Prepares a Security Upgrade
The fixCleanup3_4_0 amendment has already secured the required majority and could activate after completing its approval period, expected to end on October 23 at approximately 09:34 UTC.
The upgrade will address issues involving asset vaults, loan default handling, automated market makers, and token permissions.
One of the fixes will prevent certain permissions to burn tokens from also allowing the creation of fungible assets under specific conditions.
The patch will also improve vault deposit and withdrawal calculations to prevent errors when converting assets into vault shares.
The Lending Protocol Still Has No Activation Date
The SingleAssetVault proposal will allow XRP and other eligible assets to be pooled in vaults, while LendingProtocol will provide tools to manage fixed-term loans.
Meanwhile, LendingProtocolV1_1 will introduce closed-ended vaults and modify how interest income is recognized.
The system includes off-chain credit assessments and first-loss capital arrangements, meaning lenders will face risks associated with borrower defaults. Closed-ended vaults could also restrict withdrawals for predetermined periods.
Even if the proposals immediately secured the remaining votes, the protocol could not activate on October 23, as it would still need to complete XRPL’s mandatory approval period.
