The XRP Ledger is set to host its first native lending application, driven by the proposed XLS-65 and XLS-66 amendments, according to an update from the network's regulated yield protocol SOIL. The project announced that it is preparing to become the first application to use the XRPL Lending Protocol and Single Asset Vault (SAV), leveraging the new amendments to unlock lending and yield products directly on the ledger.
Proposed Amendments and Network Upgrade
XLS-65, named SingleAssetVault, aims to pool deposits from multiple users into a common vault, which can then provide liquidity to lending markets. XLS-66 outlines a framework for fixed-term uncollateralized loans with pooled liquidity. The XRP community is currently evaluating both proposals, which would establish core on-chain lending infrastructure. Separately, the XRP Ledger recently completed a mainnet upgrade to version 3.2.0, coinciding with these developments.
How the Lending Application Would Work
SOIL released a demo showcasing the system's operation on the XRPL Lending DevNet. In the video, users deposit funds into various Single Asset Vaults and receive MBT tokens in return, with each vault emitting its own MBT token representing the depositor's position. Additional deposits into other vaults increase the MBT supply, reflecting growing liquidity in the pools. The explorer interface displayed transaction amounts and sequence data, illustrating on-chain transparency.
Current Testing and Future Outlook
The testing phase is still early, with no wallet currently supporting the Lending DevNet. Developers are using in-house tools with hardcoded wallet seeds and assigning transactions behind the scenes. Once approved, XLS-65 and XLS-66 will introduce native lending capabilities to the XRP Ledger, providing a base layer for yield products, liquidity pools, and credit markets. SOIL aims to be the first application to deploy on this new lending model.