A package of technical changes for the XRP Ledger is on course to take effect on Oct. 23, but Ripple’s proposed lending system remains inactive because the amendments needed to operate it have not secured enough validator support.
According to CoinDesk, the bug-fix package had received the minimum 29 votes required for approval as of Monday. The changes are expected to go live at about 09:34 UTC on Friday, Oct. 23, provided that support remains in place through the required approval period.
Patch reaches the approval threshold
The package, identified as fixCleanup3_4_0, is designed to correct several issues in the XRP Ledger’s code. It had 29 votes from the network’s trusted validators and was nine days into a two-week countdown, putting it on track for activation.
The support level is important because the XRP Ledger requires more than 80% of its 35 default trusted validators to back a rules change. That threshold is 29 votes, and the approval must remain intact for two consecutive weeks.
The patch therefore has no margin for a change in support. If even one validator withdraws its vote, the countdown would restart and the expected activation time would be delayed.
Among the changes are fixes affecting the lending and vault functionality associated with Ripple’s proposed institutional lending design. The patch also addresses a separate token-permission issue and modifies how the ledger handles vault calculations and loan defaults.
Lending proposal is still short of approval
The code repair does not mean the XRP Ledger’s lending system is ready for use. Two separate amendments are still required: one for lending and another for the vaults intended to hold lenders’ funds.
The lending amendment had 19 votes, while the vault amendment had 21. Each needs 29 votes to begin the two-week approval countdown. Neither amendment had started that countdown at the time covered by the report.
That means the system cannot become active immediately even if both amendments reach the threshold. If they secured enough support on Oct. 19, the earliest possible activation would be in early November, after the required voting period.
The proposed model would allow a lender to deposit XRP or another token into a vault. A loan broker would then lend the funds for a fixed period, while the XRP Ledger recorded the loan and monitored repayments.
The structure is described as uncollateralized because borrowers would not be required to post assets as security. Instead, the broker would assess the borrower and take responsibility for deciding whether a loan should be made. Ripple has presented the system to payment companies that may need temporary liquidity while cross-border settlements are being completed.
Other security and accounting changes
The fix package also closes a loophole involving token permissions. Under certain conditions, an account authorized only to burn—or destroy—tokens on an issuer’s behalf could have been able to create new tokens. The change is intended to remove that possibility, according to the release notes for xrpld 3.4.0.
The update additionally revises the way vault amounts are rounded. It changes the rules used by the lending code to determine when a loan is late and when it has reached default status.
These details matter because the lending and vault amendments would form the operating foundation for the proposed system. Rounding rules can affect recorded balances, while clearly defined delinquency and default conditions are necessary for tracking repayment problems within a lending framework. The patch, however, only repairs the relevant code; it does not itself approve or activate the lending product.
XRP market picture
Moneyiar market data recorded at 22:04 local time on Oct. 19 showed XRP trading at $1.3031784564. The token was up 1.39% over the previous 24 hours but down 3.66% over seven days.
Other assets in the Moneyiar data showed mixed performance over the same period:
- EDGE was priced at $0.2925735114, up 3.62% in 24 hours and down 16.38% over seven days.
- ONE stood at $0.1017550535, up 1.9% in 24 hours and down 18.48% over seven days.
- PRO traded at $0.3406015652, down 1.53% in 24 hours and 4.1% over seven days.
The current voting picture separates two developments that could otherwise be confused: the XRP Ledger’s general bug-fix package is on course for approval, while the amendments needed to turn on Ripple’s proposed uncollateralized lending system remain well below the required threshold.
