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RippleX, the development arm of Ripple, has recently unveiled new groundbreaking updates to the XRP Ledger (XRPL). These updates are set to revolutionize transactions on the XRPL, making it more efficient, secure and adaptable.
In a new tweet, RippleX announced that two updates, a new vault and lending protocol, have landed on the XRPL. These two updates were implemented through the XLS-65d and XLS-66d specifications.
New Vault & Lending Protocol updates on the #XRPL
— RippleX (@RippleXDev) September 30, 2024
▶️ XLS-65d - Single Asset Vault (SAV): We’ve simplified the design so the Vault now holds assets directly, cutting out two unnecessary transactions for a more efficient experience.
▶️ XLS-66d - Lending Protocol: Updated to align…
The "XLS-65d:Single Asset Vault (SAV)" simplifies the design so that the vault now holds assets directly, eliminating two unnecessary transactions and providing a more efficient experience.
A single asset vault is a new on-chain primitive for aggregating assets from one or more depositors, making the assets available for other on-chain protocols.
The single asset vault aggregates assets from one or more depositors and represents ownership through shares. Other protocols, such as the lending protocol, can access these assets via the vault, whether or not they generate yield.
The specification introduces a new vault ledger entry, which contains key details such as available assets, shares, total vault value and other relevant information.
New updates arrive on XRP Ledger
The newly launched "XLS-66d: Lending Protocol" enacts an update to align with the new vault changes, eliminating the need for separate deposit and redemption processes and significantly streamlining the process.
The lending lrotocol uses the vault on-chain object to provision assets from one or more depositors. A loan broker is in charge of managing the lending protocol and the related vault. The vault owner and loan broker must share the same account, though this may change in the future.
In its compliance-first drive, RippleX noted that both the vault and lending protocol updates address clawback and freezing requirements, making them simpler and easier to use.
Over the weekend, amendments fixPreviousTxnID and fixEmptyDID were enabled on the XRPL mainnet. These amendments fix the behavior of ledger objects and the upcoming DID support, respectively.