The XRP Ledger's fixCleanup3_4_0 amendment, a package of bug fixes, is projected to go live on Friday, October 23, at approximately 09:34 UTC, provided validator support remains above the 80% threshold throughout the 14-day voting period.
The amendment secured 29 affirmative votes from 35 trusted validators on October 19, meeting the required majority and crossing the activation threshold on October 9. Votes are tallied only at flag ledgers, which occur roughly every 16.5 minutes, so the amendment will activate at the first flag ledger after the 14-day period concludes, not at the exact moment the countdown expires.
In contrast, the network's lending protocol faces a steeper path to approval. The Lending Protocol and its LendingProtocolV1_1 add-on each hold 19 votes, representing approximately 54.29% support. Both amendments need 29 votes to pass. The Single Asset Vault, the shared pool from which loans would be drawn, has secured 21 votes and requires at least eight more to reach the necessary majority.
How the Lending Protocol Would Function
The proposed lending protocol would enable fixed-term, uncollateralized loans funded by depositors through a Single Vault managed by brokers. Borrowers would repay on preset terms, with credit checks conducted off-chain. The current version does not include automated on-chain collateral and liquidation management.
Brokers may post first-loss capital as a buffer to absorb defaults before depositor funds are affected, though this does not eliminate credit risk. When defaults occur, payouts are capped at 10% of a minimum cover that itself equals 10% of total debt, leaving significant losses on the vault.
Missed payments trigger a grace period after which brokers may default a loan. Brokers can mark loans as impaired to accelerate the next due date, allowing defaults to occur sooner. Issuers of non-XRP tokens can claw back first-loss capital only to required minimums and retain the ability to freeze accounts, which prevents borrowers from making repayments while debt obligations remain.
Two other amendments are also pending: Confidential Transfer, a privacy feature for multi-purpose token transfers, holds 22 votes, while Transaction Batching activated on October 9.
