The Xrp Ledger has this cute lil fixcleanup3_4_0 amendment packed with tiny bug fixes and it looks set to go live on Friday 💀 if all the validators keep voting yes 🖤. Meanwhile the network lending protocol is still sitting unapproved rn and needs ten more validator votes to even get close 👀.
Cleanup Amendment Nears Activation 🔧
The Xrpl amendment tracker showed 29 yes votes from 35 trusted validators for fixcleanup3_4_0 back on October 19 which was enough to hold that sweet majority ✨. This update hit the threshold on October 9 and should activate exactly at 09:34 Utc on October 23 as long as support stays over 80% for the full 14 day voting window 🌙. Votes only count at flag ledgers which pop up every 16.5 minutes so activation kicks in at the first flag ledger right after those 14 days wrap not the exact second they end 🦇. The tracker runs from its own node but the actual ledger record always has the final say lol.
What The Lending Protocol Would Do 💸
Lending protocol and its lendingprotocolv1_1 add on each have just 19 votes which is around 54.29% right now 🔥. Single asset vault the shared pool loans pull from sits at 21 and still needs eight more to hit the 29 majority required to pass 🌑. Confidential transfer a privacy perk for multi purpose token transfers is closest with 22 while transaction batching already went live on October 9. As explained over at the lending protocol docs loans are all fixed term and uncollateralized funded by depositors through a single vault that brokers manage and borrowers repay on set terms check it here 💫. Credit checks happen off chain and the current version skips any automated on chain collateral and liquidation stuff entirely. Some brokers might post first loss capital as a buffer before depositor cash gets hit tho it never fully removes credit risk. The worked example shows the cap like when 1,090 tokens default only 10.9 tokens return because payouts top out at 10% of the minimum cover which itself is 10% of total debt so the vault eats a 1,079.1 token loss. Missed payments trigger a grace period then the broker can default the loan if needed. Issuers of tokens besides Xrp can claw back first loss capital only down to the required minimum and they can freeze accounts too. A frozen borrower cannot repay but still owes the debt and will default eventually while brokers set all the fees none charged if cover drops below the minimum.
Just another echo from the void by iconofsin.eth 💖
