The XRP Ledger's PermissionDelegationV1_1 amendment is on a 14-day countdown toward an October 5 activation, backed by most of the network's trusted validators. A second package, XLS-65 and XLS-66, remains pending as it seeks the validator support needed to launch a lending protocol on the ledger.
PermissionDelegationV1_1 nears an October 5 activation
The XRP Ledger's PermissionDelegationV1_1 amendment started a 14-day activation countdown on September 21, and about 29 of the 35 trusted validators are backing it. If it holds 80% support or higher, it will go live on October 5, according to the live amendment dashboard. But if backing drops below 28 validators, the situation changes.
Splitting authority by job is the point, the same way banks separate payments from compliance. A stablecoin issuer could let an online compliance system approve token holders while its master keys stay offline, and an operations account could send payments without being able to change keys or grant access to anyone else. Each delegate gets up to 10 permissions, which can be edited or revoked anytime.
This is the second attempt at the amendment. The first version checked permissions before signatures, but some failed transactions still charged fees — an opening an attacker could have used to spam high-fee submissions and drain a target's XRP. A community tester caught the flaw on September 15, which led validators to reject that version before it went live.
The fix shipped in xrpld 3.3.0, which verifies signatures before any fee is charged.
XLS-65 and XLS-66 still await validator backing
Two further proposals, XLS-65 and XLS-66, still need over 80% validator support for two straight weeks. XLS-65 introduces Single Asset Vaults, letting users pool one asset in exchange for shares. XLS-66 uses those vaults to fund fixed-term loans, with underwriting handled off-chain while loan creation, repayments, and defaults are recorded on-chain.
The design, known as LendingProtocolV1_1, has no automatic liquidations, which makes it a better fit for business loans and working capital. It also includes closed-ended vaults with fixed subscription, investment, and redemption windows, cash-basis accounting that counts interest only once it is paid, and optional first-loss capital from brokers to absorb part of a default. Judging borrower risk is left to outside underwriters and the market.
Source: AMBCrypto
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