The lending amendments each had 19 yes votes on October 19, ten short of the 29 needed to begin the required activation countdown.
The XRP Ledger’s fixCleanup3_4_0 amendment, a package of small bug fixes, is projected to go live on Friday, provided validator support holds.
Meanwhile, the network’s lending protocol is still unapproved, sitting 10 validator votes below the level it needs.
Cleanup Amendment Nears Activation
The XRPL amendment tracker recorded 29 affirmative votes from 35 trusted validators for fixCleanup3_4_0 on October 19, enough to maintain the required majority.
The amendment reached that threshold on October 9 and is projected to activate at 09:34 UTC on October 23, as long as support stays above 80% throughout the 14-day voting period.
Votes are tallied only at flag ledgers, which come roughly every 16.5 minutes, so activation begins at the first flag ledger after the 14 days end, not the minute they expire. The tracker counts from its own node, but the ledger’s record has the final word.
Lending is further back. Lending Protocol and its LendingProtocolV1_1 add-on each hold 19 votes, which is about 54.29%. Single asset vault, the shared pool the loans draw from, has 21 and needs at least eight more to hit the 29 majority needed for it to pass.
Confidential transfer, a privacy feature for multi-purpose token transfers that Ripple presented at XRP Seoul earlier this month, as CryptoPotato reported, is closest at 22. Transaction batching, which was covered at the same event, went live on October 9.
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What the Lending Protocol Would Do
As explained in the Lending Protocol’s documentation, loans are fixed-term and uncollateralized, funded by depositors through a Single Vault that brokers manage and borrowers repay on set terms. Credit checks happen off-chain, and the current version “doesn’t include automated on-chain collateral and liquidation management.”
Some brokers may post first-loss capital, a buffer to absorb defaults before depositor money, although documentation says that doesn’t remove credit risk. The worked example shows the limit: on a default of 1,090 tokens, only 10.9 tokens get returned, because payouts are capped at 10% of a minimum cover that is itself 10% of total debt. The vault suffers a loss of 1,079.1 tokens.
Missed payments trigger a grace period, after which the broker may default the loan. A broker who expects a borrower to miss payment can mark the loan impaired, which pulls the next due date forward so a default can come sooner, while a payment made before that date clears the flag.
Issuers of tokens other than XRP can claw back first-loss capital only down to the required minimum, and they can freeze accounts. A frozen borrower cannot repay but still owes the debt and will eventually default. Brokers also set fees, none of which are charged if cover falls below the minimum.
