The XRP Ledger Foundation has released version 3.4.0, which includes amendments to the network's lending framework and several technical improvements aimed at enhancing node operations.
Lending Protocol Enhancements
The release includes Lending Protocol v1.1, which introduces closed-ended vaults and cash-basis accounting to the lending framework. The XRP Ledger's lending system, based on the XLS-66 specification, enables fixed-term loans using Single Asset Vaults with off-chain underwriting and risk assessment rather than requiring on-chain collateral for each loan.
The new lending functions will not automatically activate upon installation of version 3.4.0. Instead, validators must support the amendment before the network can adopt it. Developers are applying formal verification methods, which use mathematical proofs, to verify the protocol's behavior in addition to traditional software testing.
Additional Updates and Fixes
Version 3.4.0 also includes the fixCleanup amendment, which consolidates several fixes into a single proposal following previous cleanup efforts for Single Asset Vaults, lending protocols, and automated market makers.
The release modifies how nodes handle missing ledger history. Online deletion now pauses when the software detects a gap, helping nodes remain closer to the latest validated ledger. Additional changes affect the peer protocol and Multi-Purpose Token freeze checks, targeting network communication and the pace of specific checks performed by XRPL software.
Repository and Installation Changes
XRPL software packages have been moved to packages.xrplf.org and now use an XRP Ledger Foundation signing key. Node operators using version 3.3.0 or below must update their repository configuration prior to installing the new release. Some operators may need to run additional commands, with the XRPL documentation providing manual instructions for affected Ubuntu installations.
The amendments included in version 3.4.0 will take effect based on validator voting outcomes. XRPL amendments must achieve required support levels and maintain that support through the activation period before network adoption occurs.
