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XRP Ledger (XRPL) is currently eyeing two amendments to the blockchain network. The anticipated amendments, if they scale through, will boost lending and improve the vault. As per insights from XRPScan, the voting process is still ongoing.
XRP Ledger may face reset if amendments fail
Notably, validators are still in the process of decision-making for both v3.1.0 "SingleAssetVault" and v3.1.0 "Lending Protocol." So far, only eight and six validators have logged their votes on these amendments on the XRP Ledger.
It will take some time for the final results to come in, with consensus at 22.86% and 17.14%, respectively. In order for the amendments to scale, the total number of votes must meet the stipulated threshold that has been set, even before voting commences.
According to XRPScan, the minimum threshold has been set at 28 votes out of the total 35. This represents a total of 80% of the votes cast by validators. As it stands, the amendments have very little chance of meeting the threshold, as votes are still very low.
Barring any last-minute surprises, the amendments might not pull through on the XRP Ledger. Community members are likely to see the activation timer reset, and it could be voted on again in the future.
Past XRPL amendment bug highlights importance of review
Amendments are a big deal on the XRP Ledger. In February, a bug was discovered by security researchers in the proposed "Batch amendment," XLS-56.
If the vulnerability was not been detected, it could have allowed malicious attackers to drain funds from users’ wallets without requiring their private keys.
At the time of discovery, the amendment was still in the voting phase, and it had not been activated. The timely discovery saved users from potentially huge losses.
Nonetheless, these amendments are crucial and serve different purposes, like boosting on-chain lending, among other things.
Dan Burgin
Vladislav Sopov
