SOIL races to launch XRP Ledger’s first native lending app
SOIL has positioned itself to become the first application to use XRP Ledger’s proposed native lending infrastructure as the network considers activating the XLS-65 and XLS-66 amendments.
- SOIL is preparing to become the first application to use XRP Ledger’s proposed native lending infrastructure.
- The XLS-65 and XLS-66 amendments would introduce on-chain lending, liquidity pools, and yield products to XRPL.
- XRP Ledger recently launched version 3.2.0, while XRP price remains near a projected $1 support retest.
According to a recent update shared by SOIL on X, the regulated yield protocol is preparing to operate on the XRP Ledger Lending Protocol and Single Asset Vault framework once the proposed amendments receive approval.
The project stated that XLS-65 and XLS-66 would enable a new class of lending and yield products directly on XRPL and voiced support for activating the changes as soon as possible.
The development comes as XRP Ledger participants review two proposals designed to introduce lending functions at the protocol level. While XLS-66 outlines a structure for fixed-term, uncollateralized loans backed by pooled liquidity, XLS-65 introduces the SingleAssetVault model, which allows multiple users to contribute assets to a shared vault that can supply liquidity to lending markets.
Recent work on the network has also focused on infrastructure improvements. As reported by crypto.news, XRP Ledger released version 3.2.0 on June 22, deploying fixes for several software issues after a security review by blockchain security firm Common Prefix identified numerical and behavioral edge cases in the network’s core implementation. According to the XRP Ledger Foundation, those fixes were included in the latest mainnet upgrade.
Proposed amendments create the foundation for lending markets
A demonstration published by SOIL provided an early look at how the system could function once the amendments move into production. The presentation showed several Single Asset Vaults operating on XRPL’s Lending DevNet environment.
In the demonstration, users deposited funds into separate vaults and received MBT tokens representing their positions. According to the presenter, each vault issues its own MBT token, allowing depositors to maintain an on-chain representation of their ownership share.
Additional deposits into multiple vaults showed how ownership records expand as liquidity increases. Transaction values and sequence data were displayed through an explorer interface, giving participants visibility into fund movements and vault activity.
According to SOIL, one of the intended use cases involves depositing assets into pooled vaults that can support lending activity while preserving transparent records of participation on-chain. Under the proposed framework, liquidity providers would be able to track their positions through the issued vault tokens.
Development remains in testing ahead of approval
Current testing remains limited to development environments. During the demonstration, the presenter stated that no wallet currently supports the Lending DevNet, requiring developers to rely on internal testing tools. The presenter explained that wallet seeds have been hardcoded and transactions are being assigned behind the scenes during testing.
If approved, XLS-65 and XLS-66 would introduce native lending capabilities directly into the XRP Ledger protocol. According to the proposal descriptions, the changes would support lending markets, liquidity pools, yield-generating products, and on-chain credit systems without relying on external infrastructure.
Meanwhile, activity across the XRP ecosystem continues to attract attention from both developers and traders. As reported earlier by crypto.news, XRP recently formed a bearish MACD crossover on the four-hour chart, a signal that pointed to weakening momentum and a potential retest of the $1 support zone.
At press time, XRP (XRP) was down about 2% over the past 24 hours and trading roughly 5% above the bearish target, leaving the token close to the projected support level.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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