A batch of bug fixes is set to go live on the XRP Ledger (XRPL) on Friday. Some of them patch a lending system that isn’t live yet.
Ripple has pitched the lending protocol to banks and payment companies since June as a way to borrow cash while cross-border settlements clear. But the system itself remains unapproved, sitting 10 validator votes short of the threshold it needs.
The bug-fix package, called fixCleanup3_4_0, had exactly 29 votes as of Monday, according to the XRPL Dashboard, putting it on course to activate around 09:34 UTC on October 23.
How XRPL Amendments Work
Validators are the independent servers that agree on which transactions count on the XRP Ledger. A change to the network’s rules needs backing from more than 80% of the 35 validators the network trusts by default, which works out to 29 votes, and that backing has to hold for two straight weeks before the change activates.
fixCleanup3_4_0 is nine days into its two-week countdown and currently sits at exactly 29 votes—meaning it has no votes to spare. If even one validator pulled its support, the countdown would restart.
What the Lending Protocol Would Do
Under Ripple’s proposed system, a lender deposits XRP or another token into a vault, and a loan broker lends that money out for a fixed term. The ledger records the loan and tracks repayments, while the broker decides offchain whether a borrower qualifies.
Borrowers don’t post collateral, so the broker’s judgment is what stands between lenders and a default. Ripple has pitched the setup specifically to payment companies that need cash on hand while a cross-border settlement clears.
Where the Votes Stand
The lending protocol itself has 19 votes. Vaults, the separate feature that would hold lenders’ deposited funds, have 21. Neither amendment has started its two-week countdown, so even if both reached the required 29 votes today, the lending system couldn’t go live before early November.
fixCleanup3_4_0, by contrast, patches some of the bugs already found in that unreleased lending code—meaning fixes for a system are shipping before the system itself is approved to go live. The current vote counts can be tracked on the XRPL Dashboard.
What Else the Patch Fixes
Separately, the patch closes a loophole that could have let an account authorized only to burn, or destroy, tokens on an issuer’s behalf create new ones under certain conditions, according to the xrpld 3.4.0 release notes. It also changes how vaults round amounts and how the lending code determines when a loan counts as late or in default.
Also Read: Privy Partners With Ripple to Bring Programmable Wallets to XRP Ledger
