The XRP Ledger is moving forward with a significant software upgrade as version 3.4.0 approaches, featuring an updated Lending Protocol v1.1 designed to expand the network's decentralized finance capabilities.
The Lending Protocol amendment is currently undergoing validator voting, with 31.43% of tokens cast as of the latest update. Activation requires reaching 80% consensus among validators. The amendment aims to enable uncollateralized lending on the blockchain under fixed terms, utilizing pooled funds from a Single Asset Vault and leveraging off-chain underwriting and risk management to assess borrowers and support customizable peer-to-peer loans.
Lending Protocol v1.1 includes enhancements and fixes to the original protocol, such as a MemoData field added to VaultDelete transactions. According to XRP Ledger validator Vet, the new version will improve important aspects of the original Lending Protocol v1.0.
The XRPL 3.4.0 development cycle has reached its first beta milestone, with version 3.4.0-b1 released on August 24. This beta version does not constitute a stable public release or proof of mainnet activation.
The XRP Ledger Foundation is hosting a discussion on the Lending Protocol scheduled for September 11 at 1 p.m. EST, featuring participants including XRP Ledger Foundation CTO Angell Denis, RippleX executives Ayo Akinyele and Jazzi Cooper, and RippleX engineer Vito Tumas. The discussion will cover the protocol's significance, new features, and potential applications.
