Key facts
- The XRP Ledger is set to release version 3.4.0, which will include the Lending Protocol v1.1.
- The update aims to bolster the network's decentralized finance capabilities.
- The Lending Protocol amendment is currently open for validator voting, requiring 80% consensus for activation.
- The change, under XLS-66 specification, allows for uncollateralized lending with fixed terms using pooled funds.
- XRPL v3.4.0 development reached a first-beta milestone on August 24 with the release of 3.4.0-b1.
The XRP Ledger (XRPL) is nearing a significant software upgrade, version 3.4.0, which will incorporate the Lending Protocol v1.1. This release is designed to enhance the network's decentralized finance (DeFi) offerings. The update includes improvements to the existing Lending Protocol v1.0, focusing on aspects such as uncollateralized lending with fixed terms and the utilization of pooled funds from a Single Asset Vault, as outlined in the XLS-66 specification. The system relies on off-chain underwriting and risk management for borrower assessment and supports customizable peer-to-peer loans. The Lending Protocol amendment is currently undergoing a validator voting process, with 31.43% of tokens cast so far. Activation requires an 80% consensus. The development branch for XRPL 3.4.0, specifically version 3.4.0-b1, was released on August 24, marking a beta milestone. A public X Space event is scheduled for September 11 at 1 p.m. EST, featuring XRPL Foundation CTO Angell Denis and RippleX executives Ayo Akinyele and Jazzi Cooper, along with engineer Vito Tumas, to discuss the protocol's advancements and implications.