HIGHLIGHTS XRP Ledger's LendingProtocol has secured 22 validator votes, leaving seven more needed for network approval. SingleAssetVault has received 23 validator votes, while the related LendingProtocolV1_1 amendment currently holds 22 votes. XRP Ledger lending amendments require 29 validator votes maintained for 14 consecutive days before activation. The XRP Ledger's proposed lending system has gained more validator support, moving closer to the approval threshold needed for activation. The progress comes as on-chain data shows continued network activity, with 3.9 million transactions recorded on November 11.
XRP Ledger Lending System Gains More Validator Support
The XRP Ledger's proposed lending system has gained validator support, with its LendingProtocol amendment securing 22 of the 29 votes required to begin the approval process.
As per the amendment voting record on XRPL, 22 of the 35 trusted validators cast their vote in favor of LendingProtocol, with 7 still to vote. The number of validators supporting the proposal has risen to 19, but it still has not reached the necessary threshold.
Meanwhile, SingleAssetVault has garnered 23 votes, with six still required, and LendingProtocolV1_1 has already received 22. None of all three amendments are in the activation countdown, and they are still in voting.
Lending Approval Awaits 14-Day Vote As Network Activity Grows
XRP Ledger is based on the amendment rules that require over 80% of validators to support a proposal for 14 days before it becomes active. With 35 trusted validators participating, each amendment needs at least 29 votes.
If the support drops below the threshold during that time, the countdown resets when the proposal gets back to the level required to pass.
As previously reported on the LendingProtocolV1_1 vote, RippleX opened voting for the third lending amendment in September. The proposal brings in closed-ended vaults and alters the way that the income from lending is recorded in the accounting records of the network.
According to the official XRPL documentation, there are three stages of the vault: subscription, investment, and redemption. The proposed rules allow vaults to recognize interest income as soon as they are paid by the borrower.
And as validators continue to review the lending amendments, transaction data offers a different view of activity on the XRP Ledger.
According to on-chain data, the XRP Ledger has handled 3.9 million transactions on November 11, out of which, 659,300 were payments and 42,400 were the number of sending addresses.
Source: Bithomp (XRP Explorer and Ledger Tools)
Furthermore, the network processed 956,300 decentralized exchange transactions and 153,800 swaps, and had a total trading volume of about $1.1 billion.
According to Bithomp's amendment tracker, LendingProtocol garnered 63% validator support while LendingProtocolV1_1 enjoyed 66% support, and SingleAssetVault received 66%.
XRP Ledger Lending Proposal Would Support Fixed-Term Loans
Ripple's XLS-66 specification suggests that fixed-term loans would be funded through shared asset vaults, where XRP or supported tokens would be placed.
The loan broker would evaluate borrowers off-chain and the ledger would track the creation of the loan, repayments, and defaults. The design calls for a first-loss capital component, which brokers can list for use in the event of some borrower defaults.
Previously, Clearpool disclosed plans to use XRPL's lending infrastructure for institutional credit services, citing XLS-65 and XLS-66.
Meanwhile, on November 4th, developers pushed further changes to the XRPL codebase, which involved proposing to have loan data stored directly in ledger entries and adding an optional sequence check when creating loans.
The changes do not affect the amendments currently running the validator voting process. At the time of press, XRP was trading at $1.04, down 1.21% over the past 24 hours.
