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The XRP Ledger community is preparing to vote on two significant protocol upgrades—XLS-65 and XLS-66—that could introduce native lending and asset pooling capabilities to the network. Both amendments are currently open for validator voting and require majority consensus to take effect.
The XLS-66 Lending Protocol amendment proposes a system for fixed-term, uncollateralized loans drawn from pooled funds. Instead of relying entirely on smart contracts, the model delegates credit assessments and risk management to off-chain processes, allowing borrowers to be evaluated outside the blockchain before loan terms are finalized on-chain. The approach is designed to give institutions greater flexibility while keeping core transactions transparent and verifiable on the ledger.
Complementing XLS-66, the XLS-65 SingleAssetVault amendment establishes a framework for consolidating funds from multiple depositors into a unified vault. It is designed to work alongside the lending protocol, enabling pooled liquidity to be deployed efficiently into lending operations. The structure is described as functioning similarly to traditional money market vehicles that aggregate capital for broader use.
VS1 Finance, one of the teams behind the proposals, has highlighted potential applications that extend beyond basic credit use cases, including bond tokenization and other advanced financial uses.
Early developer testing generated encouraging feedback. Fig, co-founder of Squid Router and a validator in the XRPL ecosystem, stress-tested both amendments on the devnet and reported no issues with protocol implementation, design, or security. He also confirmed that Squid’s validator would vote in favor of both proposals. Another validator, Vet, echoed the view, praising the amendments’ architecture.
The upgrades are arriving as XRP Ledger transaction volumes recently reached a two-year high, signaling growing network activity and renewed developer interest.
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