Developers on the XRP Ledger have issued a fix for the network’s planned lending protocol before it has gone live.
A new amendment, LendingProtocolV1_1, corrects issues in the original LendingProtocol amendment. The details of what it changes had not been reported at the time of writing.
What the lending protocol is
The protocol would add fixed-term, uncollateralised lending directly on the XRP Ledger, funded by pooled capital.
It is part of a wider effort to build financial market infrastructure on the ledger, which Ripple and others have said it previously lacked.
Why no funds are at risk
The original LendingProtocol amendment has not activated. It is still open for voting by the ledger’s validators, so no loans have been written using it.
The network’s documentation now lists both amendments as requirements. If they are approved, the ledger would adopt the corrected version from the start.
How activation works
Changes to the XRP Ledger go live through amendments. Each one needs support from at least 80% of trusted validators, held for two weeks, before it activates.
A second fix in a short space of time
The lending fix follows a separate repair to the ledger’s payment engine. Developers recently disclosed and fixed a critical flaw that could have let an attacker create counterfeit XRP. The bug had sat in the code for about a decade before a researcher flagged it.
What happens next
The next step is the validator vote on both lending amendments. The protocol cannot go live until both reach the 80% threshold for two weeks.
