SOIL has positioned itself to become the first application to use XRP Ledger’s proposed native lending infrastructure as the network considers activating the XLS-65 and XLS-66 amendments.
Summary
- SOIL is preparing to become the first application to use the native lending infrastructure proposed by XRP Ledger.
- The XLS-65 and XLS-66 amendments would introduce on-chain lending, liquidity pools, and yield products for XRPL.
- XRP Ledger recently released version 3.2.0, while XRP price remains close to a projected retest of $1 support.
According to a recent update shared by SOIL on X, the regulated yield protocol is preparing to operate on the XRP Ledger Loan protocol and the Single Asset Vault framework once the proposed modifications receive approval.
The project stated that XLS-65 and XLS-66 would enable a new class of lending and yield products directly on XRPL and expressed support for activating the changes as soon as possible.
The development comes as XRP Ledger participants review two proposals designed to introduce lending functions at the protocol level. While XLS-66 outlines a framework for unsecured term loans backed by pooled liquidity, XLS-65 introduces the SingleAssetVault model, which allows multiple users to contribute assets to a shared vault that can supply liquidity to credit markets.
Recent work on the network has also focused on infrastructure improvements. As reported by crypto.news, XRP Ledger released version 3.2.0 on June 22, rolling out fixes for several software issues after a security review by blockchain security firm Common Prefix identified numerical and behavioral edge cases in the network’s core implementation. According to the XRP Ledger Foundation, those fixes were included in the latest mainnet update.
Proposed amendments create foundation for credit markets
A demo posted by SOIL provided an early look at how the system could work once the amendments go into production. The presentation showcased several Single Asset Vaults operating in XRPL’s DevNet Lending environment.
In the demo, users deposited funds into separate vaults and received MBT tokens representing their positions. According to the presenter, each vault issues its own MBT token, allowing depositors to maintain an on-chain representation of their ownership stake.
Additional deposits in multiple vaults showed how ownership records expand as liquidity increases. Transaction values and sequence data were displayed through a browser interface, giving participants visibility into fund movements and vault activity.
According to SOIL, one of the intended use cases involves depositing assets in pooled vaults that can support lending activity while preserving transparent records of on-chain participation. Under the proposed framework, liquidity providers would be able to track their positions through the issued vault tokens.
The development remains in the testing phase before approval.
Current testing remains limited to development environments. During the demo, the presenter stated that currently no wallet supports DevNet Lending, requiring developers to rely on internal testing tools. The presenter explained that the wallet seeds have been encrypted and transactions are allocated behind the scenes during testing.
If approved, XLS-65 and XLS-66 would introduce native lending capabilities directly into the XRP Ledger protocol. According to the proposal descriptions, the changes would support lending markets, liquidity pools, yield-generating products, and on-chain credit systems without relying on external infrastructure.
Meanwhile, activity across the XRP ecosystem continues to attract the attention of developers and traders alike. As reported Previously on crypto.news, XRP recently formed a bearish MACD crossover on the four-hour chart, a signal pointing to weakening momentum and a possible retest of the $1 support zone.
At press time,
