XRP Ledger's fixCleanup3_4_0 amendment scheduled for October 23 activation; separate lending protocol stalled 10 validator votes short of majority.
DeFi & Yields ·
The XRP Ledger's fixCleanup3_4_0 amendment, a collection of minor bug repairs, is on track to go live Friday, October 23, at 09:34 UTC, contingent on validators maintaining support above 80% during the 14-day voting window. As of October 19, the amendment had secured 29 affirmative votes from 35 trusted validators, meeting the required threshold. By contrast, the lending protocol remains far from approval: both the Lending Protocol and its LendingProtocolV1_1 variant each hold only 19 votes, placing them approximately 10 votes short of the 29-vote majority needed to trigger activation.
The proposed lending mechanism would enable fixed-term, uncollateralized loans funded through a shared vault that brokers administer. Borrowers would undergo credit checks conducted off-chain rather than through on-chain collateral and liquidation systems. Brokers retain discretion to impose fees and mark loans as impaired to accelerate default timelines. Some brokers may deploy first-loss capital as a buffer against defaults, though this does not eliminate credit risk. The mechanism caps repayments on defaults at 10% of a minimum cover threshold, meaning depositors face significant losses if borrowers fail to repay.
Several other amendments remain in development stages. The Single Vault, which serves as the shared funding pool for loans, has garnered 21 votes and requires eight more to reach majority. Confidential Transfer, a privacy feature for token transfers, stands at 22 votes. Transaction Batching achieved activation on October 9. Whether the lending protocol can close its approval gap before reaching majority remains uncertain.