The XRP Ledger (XRPL) is poised to welcome a new generation of lending and yield products as its decentralized finance (DeFi) ecosystem continues its rapid expansion. 

Ripple executive J. Ayo Akinyele has provided a detailed clarification regarding the upcoming Lending Protocol v1.1. 

Akinyele explicitly stated that v1.1 is an enhancement to the existing protocol, rather than a replacement for v1.0, and emphasized that developers have no reason to hold off on utilizing v1.0 today.

"The protocol works as designed," Akinyele noted, explaining that the v1.1 update simply introduces refinements and added flexibility driven by feedback from the ecosystem and the long-term vision for lending on the XRPL.

Version 1.1 will ship as a separate amendment that extends the existing protocol. The previous will not be deprecated, meaning supporting it now allows institutions and developers to deploy lending applications and use cases directly on the mainnet.

"The protocol works as designed. v1.1 enhances it: refinements and added flexibility driven by ecosystem feedback and where we want lending on XRPL to go. It ships as a separate amendment that extends the existing protocol. v1.0 will not be deprecated, and supporting it now will enable institutions and developers to deploy lending applications and use cases on mainnet," he said. 

The activation of v1.1 will follow the standard amendment process, meaning there is no dependency requiring users to wait for it before acting on v1.0. Each amendment will be reviewed on its own merits by validators on their normal cadence.

SOIL eyes first application 

After the news of the protocol's development, another Ripple executive confirmed that a new wave of lending and yield products is officially coming to the network.

SOIL, a prominent protocol known for offering institutional lending services using USDC, RLUSD, and XRP, has officially announced its plans to integrate the XRPL Lending Protocol alongside SAV. The firm is positioning itself to become the first application to leverage these native features, which could potentially introduce an entirely new category of yield-generation products directly to the XRP Ledger.

To facilitate this new phase of lending services, the firm has proposed the activation of specific technical standards in the near future. Most notably, this includes the XLS-65 and XLS-66 standards, which are expected to be activated as soon as possible to ensure the lending upgrade is effectively deployed across the network.

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