The XRP Ledger has two major upgrades in development, with one on the verge of activation and two others awaiting validator approval.
PermissionDelegationV1_1 Targeting October 5 Launch
PermissionDelegationV1_1 entered its 14-day activation countdown on September 21, according to the XRPL Dashboard. The upgrade currently has support from approximately 29 of the 35 trusted validators on the network. If it maintains support at or above the required 80% threshold, it is scheduled to go live on October 5.
The upgrade enables role-based authority delegation, allowing different functions to be separated across multiple accounts. For example, a stablecoin issuer could authorize an online compliance system to approve token holders while keeping master keys offline. Operations accounts could send payments without the ability to change keys or grant access to other accounts.
Each delegated account can receive up to 10 permissions, which can be modified or revoked at any time.
Lessons from Previous Attempt
This represents the second attempt to implement permission delegation on the XRP Ledger. The first version was rejected by validators in September after a flaw was discovered. The previous iteration checked permissions before verifying signatures, which meant failed transactions still incurred fees. This vulnerability could have allowed attackers to drain XRP through high-fee transaction spam.
A community tester identified the issue on September 15. The corrected version, included in xrpld 3.3.0, verifies signatures before charging any fees.
Two Additional Upgrades Pending Approval
XLS-65 and XLS-66 remain under consideration and require over 80% validator support for two consecutive weeks before activation.
XLS-65 introduces Single Asset Vaults, allowing users to pool a single asset and receive shares in return. XLS-66 uses these vaults to facilitate fixed-term loans, with underwriting conducted off-chain while loan creation, repayments, and defaults occur on-chain.
The lending protocol design includes several features: closed-ended vaults with fixed subscription and redemption windows, cash-basis accounting where interest accrues only upon payment, and optional first-loss capital from brokers to absorb portions of defaults. The protocol excludes automatic liquidations and relies on external underwriters and market participants to assess borrower risk.
