The XRP Ledger’s native lending feature hasn’t launched yet. It is already getting a patch.
Developers have published a second amendment to fix the ledger’s new uncollateralized lending system. The original version is still waiting for validators to approve it.
What the new amendment changes
The fix is called LendingProtocolV1_1. It arrived with xrpld version 3.4.0, which went out between September 16-17, 2026.
The release also bundled a separate package called fixCleanup3_4_0.
LendingProtocolV1_1 makes two structural changes to how lending on the ledger works. The first introduces closed-ended vaults for fixed-term loans.
Under the update, these vaults move through three distinct phases: subscription, investment and redemption. Lenders commit capital during the subscription window. That money is then deployed into loans during the investment phase, and returned during redemption.
The second change is about accounting. Vaults will now operate on a cash basis. Under the revised rules, interest only counts once a borrower actually pays it. It is no longer booked the moment a loan is originated.
A crowded queue at the validator gate
The update refines two core amendments still pending approval: LendingProtocol and SingleAssetVault. Together with the new V1_1 fix, that makes three lending-related amendments sitting in the queue.
As of October 18-19, those three lending amendments had collected 19-21 validator votes each. That is out of roughly 36 trusted validators. Activation requires about 29 votes, which corresponds to an 80% threshold.
The 80% bar is not a one-time hurdle. Support has to be sustained above that level, and if it slips below, the voting period resets.
The contrast with fixCleanup3_4_0 is striking. That package has reached validator support near the required 80%, and it is projected to activate on October 23, 2026.
How the lending system is designed
The LendingProtocol framework enables uncollateralized, fixed-term loans funded from pooled single-asset vaults. Loan terms are enforced on-chain, but underwriting happens off-chain.
The SingleAssetVault amendment provides the pooled vault infrastructure underneath. LendingProtocol builds the loan mechanics on top, and V1_1 now adjusts how both behave in practice.
What this means for XRP and on-chain lending
With the lending amendments sitting at 19-21 votes against a requirement of about 29, there is no clear activation date.
Because V1_1 refines the core amendments, validators effectively need to be comfortable with the whole stack, not just one piece of it.
The fixCleanup3_4_0 activation projected for October 23 shows that the validator set can reach the 80% threshold when it agrees on a change, which puts the lending package’s slower progress in sharper relief.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.