The XRP Ledger Lending Vote Puts Closed Vaults First

LendingProtocolV1_1 is open for XRP Ledger validator voting, and it puts closed-ended vaults plus cash-basis books in front of native lending. RippleX said on Sept. 30 that the amendment must activate before LendingProtocol and SingleAssetVault can proceed.

That is a design choice, not a ribbon-cutting. Open pools and booked-but-unpaid coupons would let late depositors skim yield and would mark vault shares on money that has not arrived.

LendingProtocolV1_1 is open for validator voting.

It introduces closed-ended vaults and cash-basis accounting for XRPL lending, and it must activate before LendingProtocol and SingleAssetVault can proceed.

Validators, read what changes and why it matters as you evaluate the…

— RippleX (@RippleXDev) September 30, 2026

A Gate in Front of Native XRPL Lending

RippleX, the developer group around the ledger, wrote that LendingProtocolV1_1 “introduces closed-ended vaults and cash-basis accounting for XRPL lending.” Shota Natenadze, a RippleX developer, laid out the stack the same day. LendingProtocol is the base engine: loan brokers, origination, repayment, default handling, and first-loss capital. SingleAssetVault is the pool those loans draw from.

Natenadze said three amendments need to activate for lending to go live on mainnet. V1_1 “goes together with” the other two. RippleX’s sequencing is stricter still. The new package has to turn on before the parent features can proceed, so the network is not supposed to ship brokers on open-ended vaults first and patch the hole later.

The code is already in xrpld version 3.4.0 release notes, published Sept. 16. Installing that server does not switch lending on. Operators get the rules they can vote on. The amendment ID is A360E2BFD775A5B0DCE1C36C16DF31B72735A57584FD163655D2F9564F8E7AC8.

A vault can still hold XRP, a trust-line token, or a Multi-Purpose Token. After V1_1, new loan brokers can be created only against closed-ended vaults. Open-ended vaults remain for pooled custody and shared treasuries. They just cannot host a new broker.

Closed Vaults Shut the Door Mid-Loan

An open-ended vault takes deposits and pays withdrawals at any time. Shares are Multi-Purpose Tokens priced as AssetsTotal divided by SharesTotal. Walk in late, buy shares after a payment hits, and you collect yield you did not fund. Walk out just after, and you leave less for the people who sat through the loan.

Natenadze said lending is limited to closed-ended vaults because of that share math. Enabling loans on open pools would need a separate anti-timing design, which he called open work for a later release. The team chose to ship the closed vault first and require it with the original lending and vault amendments.

Closed-ended vaults avoid this by design: once the subscription window closes, no new shares can be minted, so there is no way to enter mid-term.

Shota Natenadze, RippleX developer, Sept. 30 technical note

RippleX documentation splits the closed vault into subscription, investment and redemption phases. Dates are set at VaultCreate with VaultKind = 1, then frozen. The ledger moves the vault from one stage to the next on those timestamps.

THE THREE VAULT PHASES

• Subscription: Depositors can add or pull assets, and shares are minted, until SubscriptionDate.
• Investment: Deposits and withdrawals stop, the pool is fixed, and the owner can put capital into loans.
• Redemption: After RedemptionDate, no new loans are written, and holders redeem at the final price per share.

Interest that comes back during the lock can be donated into the vault without minting new shares, which lifts price per share for everyone already in. LoanSet is allowed in the investment window. LoanBrokerSet is blocked on open-ended vaults once V1_1 is on. Other loan transactions stay available so any loans written in a gap before that restriction can still be managed.

When Interest Hits the Books

The second change is when a vault is allowed to call interest “income.” Under the original LendingProtocol design, the full coupon schedule was recognized the moment the loan was created. The vault’s books showed money it had not received, and that mark had to be unwound if the borrower stopped paying.

V1_1 switches new vaults to cash-basis accounting. RippleX’s explainer says interest counted only when a payment arrives is the new rule, and you cannot pick a model at VaultCreate. If the amendment is off, vaults use instant interest recognition. If it is on, new vaults use cash-basis. Older vaults keep the model they were born with, even after the vote lands.

HOW THE TWO BOOKS DIFFER

Natenadze called cash-basis “a more conservative and accurate accounting model.” A vault that cannot print income from a payment calendar is harder to sell as a liquid yield token. It is closer to how a closed-end credit fund reports cash that has actually come in.

That is the second-order effect. XRPL lending, as now specified, is not a pool you enter and exit around a rate. It is a dated raise, a lock, a human broker, and a book that waits for the borrower to pay.

Only 4 of 35 Validators Have Said Yes

Opening a vote is not the same as turning the feature on. XRP Ledger amendments need more than 80% support for two weeks from trusted validators. Votes are read around every 256th ledger, the flag ledger. If support falls to 80% or below, the two-week clock starts again.

The XRPSCAN amendment vote board showed LendingProtocolV1_1 at 4 of 35 trusted validators, or 11.43%, still listed as voting. The parent features are higher and still short of a supermajority. LendingProtocol, introduced in v3.1.0, sat at 15 of 35, or 42.86%. SingleAssetVault, also from v3.1.0, sat at 19 of 35, or 54.29%.

THE LENDING AMENDMENT TALLY

Those counts move. They are not an activation date. A server that does not opt in uses the default vote in the source. Operators who want a yes have to set it. Aesthetes, a Unique Node List validator, said on Oct. 1 that it supports LendingProtocolV1_1 and will vote yes. One public yes does not move 4 of 35 to a majority.

Reading the Sept. 30 post as “lending is live” skips both the three-amendment dependency and those shares. The conservative vault rules also give cautious operators a reason to wait, because a yes on V1_1 is a yes on locking depositor capital into dated phases.

Brokers Still Underwrite Off the Ledger

XLS-66 describes fixed-term, uncollateralized loans funded from a Single Asset Vault. The ledger keeps the schedule, the payments, the default path, and optional first-loss capital from the broker. It does not decide whether the borrower should get the loan.

That split is the product. Credit judgment stays with the broker. Enforcement sits on XRPL. People asking whether they would park XRP in a vault for passive yield are picturing a permissionless money market. This spec is closer to a credit fund with a subscription window.

WHAT STAYS ON THE LEDGER

• The pool: One asset, vault shares as Multi-Purpose Tokens, public balances.
• The loan object: Principal, interest, fees, payment dates, impairment, and default handling.
• First-loss capital: Broker funds that take a hit before depositor capital, tracked against outstanding debt.
• The lock: Closed-ended phases that stop mid-term entry once subscription ends.

Credentials and permissioned domains can still fence who is allowed into a private vault. Freeze and clawback rules can still apply to issued assets. XRP can be the vault asset and remain the fee token. None of that turns the broker into an algorithm that liquidates a collateral ratio.

Holders who want a cash-like XRP savings product will not get that from this amendment set. Institutions that already underwrite working-capital loans, and want the admin on a public ledger, are the users the phases and the cash-basis books were written for.

Vet Ranks Lending Behind Delegation and Batch

Validators are not idle. They are passing other packages while the lending trio crawls. XRPSCAN listed PermissionDelegationV1_1 at 29 of 35, or 82.86%, and BatchV1_1 at 30 of 35, or 85.71%, both in the activation window. fixCleanup3_4_0, the other new item in 3.4.0, was at 17 of 35, or 48.57%.

THE SOFTWARE AND VOTE CALENDAR

1. v3.1.0: SingleAssetVault and LendingProtocol land in server software and open for votes.
2. September 16, 2026: xrpld 3.4.0 adds LendingProtocolV1_1 and fixCleanup3_4_0.
3. September 30, 2026: RippleX says LendingProtocolV1_1 is open for validator voting.

Vet, a dUNL validator who contributes to the XRP Ledger Foundation, posted his personal order the same day the vote opened. He put Permission Delegation first, then Batch plus its fix, then fixCleanup3_4_0 at least even with “Lending v1 + v1.1.” He said the prior week had been heavy on updates and that 3.4.1 work was running in parallel.

I’m very excited for native lending on the XRP Ledger. My personal (!) prio for amendments is currently P Delegation > Batch + fix > fixCleanUp3_4_0 >= Lending v1 + v1.1

Vet, dUNL validator, Sept. 30 on X

That ranking matches the board. Features with a clear operator payoff are already over the line. Lending still needs three linked yes votes, including a package that rewrites how vaults lock money and how they count interest. Until those shares move, native XRPL lending stays a spec with a vote, not a market.

The next concrete signal is not another explainer. It is whether 4 of 35 on V1_1, 15 of 35 on LendingProtocol, and 19 of 35 on SingleAssetVault start climbing together and then hold more than 80% for two weeks.

Disclaimer: This article is news reporting and analysis of XRP Ledger protocol votes and proposed lending rules. It is informational only and is not investment, trading, legal, or tax advice, and it is not a recommendation to buy, sell, stake, or lend XRP or any vault share. Readers should consult a qualified financial adviser or licensed professional who understands digital-asset and credit-market risk before committing funds to any lending product. Vote counts, amendment status, and software details reflect the cited sources on the dates given and can change as validators update their votes.