✓ Official source XRP
XRP Ledger bug-fix bundle is on track to activate Oct. 23 while the lending protocol still lacks votes
Summary
A bundle of XRP Ledger fixes called fixCleanup3_4_0 is on track to activate around 09:34 UTC on Oct. 23 after reaching validator majority, CoinDesk reported; XRPScan amendment data shows the majority began Oct. 9, which puts the end of the required two-week window on Oct. 23.
According to the official XRPL.org amendment documentation, the bundle fixes Single Asset Vaults, the Lending Protocol, AMMs, the permissioned DEX, trust lines, NFTs, MPTs, escrow and other features, including more precise vault rounding.
The lending system the patch partly repairs is not live: CoinDesk said the LendingProtocol and vault amendments had 19 and 21 votes against the 29 needed, so lending could not go live before early November even if both reached majority now.
Vote counts differ by data source: CoinDesk cited 29 of 35 trusted validators via the XRPL Dashboard, while XRPScan’s API on Monday showed 26 votes against a 25-vote threshold from 32 validators it sees, with 17 for LendingProtocol and 19 for SingleAssetVault.
Updates
- Update, : Oct. 19: Decrypt reported a second amendment, LendingProtocolV1_1, that revises the lending code before it goes live; XRPScan showed it with 17 votes against a 25-vote threshold Monday.
Key facts
- CoinDesk said an amendment needs support from more than 80% of the network’s default trusted validators for two straight weeks, and that with no votes to spare one validator withdrawing would restart the clock.
- CoinDesk said the patch also closes a loophole that could let an account allowed only to burn tokens on an issuer’s behalf create new ones under certain conditions, citing the xrpld 3.4.0 release notes.
- The xrpld 3.4.0 release notes list fixCleanup3_4_0 as a bundle of amendment-gated fixes and tell XRP Ledger server operators to upgrade to 3.4.0 as soon as possible.
- CoinDesk said Ripple’s proposed lending design is uncollateralized: lenders deposit into a vault, a loan broker lends for a fixed term, and the broker decides offchain whether a borrower qualifies.
- Decrypt said developers published a follow-up amendment, LendingProtocolV1_1, to correct issues in the original LendingProtocol code before it takes effect, and that the documentation now lists both amendments as requirements for the lending feature.
- XRPL.org describes LendingProtocolV1_1 as extending LendingProtocol and SingleAssetVault with closed-ended vaults, which have subscription, investment and redemption phases, and cash-basis accounting that books interest only when payments are made; after it is enabled, new loan brokers can be created only against closed-ended vaults.
- XRPScan’s amendment data on Monday afternoon showed LendingProtocolV1_1 and LendingProtocol each with 17 votes and SingleAssetVault with 19, against a 25-vote threshold from 32 validators.