XRP Ledger Lending Votes Stay Flat as Validator Count Falls to 35

Three XRP Ledger amendments tied to a proposed lending system remained short of the votes needed to start the network’s 14-day approval period in an Oct. 20 snapshot.

The snapshot showed 35 trusted validators. LendingProtocol and LendingProtocolV1_1 each had 19 votes, while SingleAssetVault had 21. Each needs 29 votes to begin the approval period. The vote counts matched the Oct. 17 lending tally, while the validator total fell by one.

The lending system’s core amendments are SingleAssetVault and LendingProtocol. LendingProtocolV1_1 extends them, but the core system could operate before the follow-up amendment activates.

The follow-up would give closed-ended vaults subscription, investment and redemption stages. It would count interest as income when borrowers pay it and restrict creation of new loan brokers to closed-ended vaults.

The proposed system would pool one type of asset in each vault to fund fixed-term loans without collateral. Underwriting and risk management would happen off the ledger. The amendments are included in the xrpld 3.4.0 release announced Sept. 16, but inclusion in the release does not activate them.

An amendment must keep support from more than 80% of trusted validators for 14 consecutive days to activate. If support falls to 80% or less, the waiting period resets. The separate fixCleanup3_4_0 cleanup amendment addresses a token-permission flaw and does not activate lending. No activation date is confirmed for the lending system.