The native lending protocol on the XRP Ledger (XRPL) received an important boost today toward final activation. An XRPL Foundation representative known as Vet reported that the built-in amendment gained another critically important "YES" vote.
It came from the official on-chain support of major ecosystem platform xpmarket, which voted in favor of the XLS-65 and XLS-66 upgrade package. The platform's developers confirmed that this step opens the way for Single Asset Vaults, an on-chain bond market, and direct yield generation.
The LendingProtocol amendment is currently in VOTING status, and at the moment consensus stands at 20% — 7 out of 35 key validators have voted "YES." For the code to be finally implemented at the network's base level, it needs to reach the threshold of 28 votes and maintain it for two weeks.
As Vet notes, validators have started changing their positions more actively in favor of the update thanks to the community's new, stricter approach to security and amendment review.
Different kind of crypto lending market for XRP
Interest in the event is being fueled by the architecture of the protocol itself. Unlike traditional DeFi based on smart contracts, RippleX embeds lending logic directly into the blockchain core at Layer 1. It consists of two elements:
- XLS-65 (Single Asset Vaults): users pool one type of asset, such as XRP or the RLUSD stablecoin, into a shared vault.
- XLS-66 (Lending Protocol): the system issues fixed-term loans from this pool and distributes income among depositors.
The main difference from crypto's classic model is that the loans will be unsecured. There is no collateral here, and the entire model is closer to the traditional bond market and credit desks in TradFi. Risks are assessed outside the network through off-chain underwriting: the lender independently verifies the borrower's identity and reliability before issuing funds.
Voting continues, but the ice has broken — application developers on the XRP Ledger have already started designing interfaces so users can interact with loans as soon as validators lock in the final 28 votes.
