ChainCatcher report: The XRP Ledger’s bug fix package, fixCleanup3_4_0, is expected to take effect around October 23 at 09:34 UTC. This fix has received 29 validator votes, surpassing the network’s default threshold of 80% of the 35 validators, and must maintain this level continuously for two weeks—nine days have now passed. Since there is no margin in the vote count, if any validator withdraws support, the countdown will restart. This fix partially addresses the uncollateralized lending system that Ripple has been promoting to banks and payment companies since June, though the system remains inactive. The lending amendment currently has only 19 votes, and the vault amendment for holding funds has 21 votes—neither has initiated a countdown, so even if both reached 29 votes today, the lending feature would not go live until early November. As designed, lenders deposit XRP or other tokens into a vault; loan brokers then lend out the funds for fixed terms, with the ledger recording loans and tracking repayments, while brokers assess borrower creditworthiness off-chain. Since borrowers provide no collateral, the broker’s assessment is the sole safeguard for lenders against default losses—a solution Ripple has pitched to payment companies seeking liquidity during cross-border settlements. Additionally, the fix closes a vulnerability that allowed accounts authorized only to destroy tokens to create new ones under specific conditions, adjusts vault amount rounding rules, and refines the criteria for determining loan delinquency and default.
XRP Ledger fix to take effect soon; lending amendment still needs 10 votes
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Summary
The XRP Ledger network upgrade is scheduled to activate at approximately 09:34 UTC on October 23, following the receipt of 29 validator votes. The fixCleanup3_4_0 patch has entered its final nine-day countdown. Meanwhile, the lending amendment has 19 votes and the vault amendment has 21, both falling short of the required 29. Crypto Today notes that the patch also addresses a token-burning vulnerability and adjusts vault rounding rules.
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