The LendingProtocolV1_1 amendment on the XRP Ledger has secured 22 of 35 votes, or 62.86%, and needs 29 votes, along with two consecutive weeks of approval, to activate. The SingleAssetVault amendment, also identified as XLS-65, has 23 votes and needs six more. The XLS-65 and XLS-66 standards will eliminate overcollateralization and instant liquidations, enabling fixed-term, uncollateralized loans directly on XRPL. XRP or stablecoin holders, including RLUSD depositors, will be able to deposit assets in single-asset vaults, receive shares, and earn interest when borrowers make repayments. Loan brokers will assess borrowers’ creditworthiness off-chain, while their first-loss capital will absorb initial losses, leaving depositors exposed if that capital is exhausted.
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