Ripple-Designed XRP Ledger Lending System Needs Just 7 More Votes to Activate

November 12: According to CoinDesk, the XRP Ledger lending system designed by Ripple for banks and payment companies has gained 3 additional validator votes since mid-October, bringing its tally to 22, 7 short of the 29 votes needed to launch. The system and its companion SingleAssetVault amendment must each secure 29 votes for two consecutive weeks to activate. As of Wednesday's data, "LendingProtocol" and its first patch each have 22 votes, while "SingleAssetVault," used to create funding pools, has 23 votes.

The design requires depositors to place XRP or other tokens into vaults, from which loan brokers lend them out for fixed terms. Borrowers do not need to provide collateral; the system relies on off-chain underwriting and risk management. In addition, developers are still advancing related work ahead of the vote: a code merge request dated November 4 plans to add a third lending amendment.