The Nov. 4 XRPL “big upgrade” is being hyped as bullish again, so I went to check the votes—and had a laugh.
The amendment being activated is fixCleanup3_4_0. “Cleanup” is right there in the name: it patches the lending and vault code. According to @WatchMyWalletHQ’s tally, it’s had 33 of 35 validators voting in favor since Oct. 21, holding that support for two full weeks. It’s expected to go live around Nov. 4.
What about LendingProtocol, the one everyone calls “native lending, on-chain passive yield”? It’s at 19/35. It needs 28 votes to pass, so it’s still 9 short. Someone counted it as 10 short last week, so there’s been barely any movement.
So here’s the story right now: the main course hasn’t even been served, but first they’ve brought out a plate of patches for the kitchen—and then the army starts shouting, “Institutions are coming on-chain to borrow XRP!” XRP is down around 15% this month, hovering near 1.25. Thinking a bug-fix amendment will send it soaring is wishful thinking.
To be fair, validators taking their time to vote on the lending protocol itself isn’t a bad thing. Better to review the lending code carefully than have it go live and get drained. But most people using this as a reason to buy probably got in first and are waiting for you to take the other side.
#XRP #XRPL
The amendment being activated is fixCleanup3_4_0. “Cleanup” is right there in the name: it patches the lending and vault code. According to @WatchMyWalletHQ’s tally, it’s had 33 of 35 validators voting in favor since Oct. 21, holding that support for two full weeks. It’s expected to go live around Nov. 4.
What about LendingProtocol, the one everyone calls “native lending, on-chain passive yield”? It’s at 19/35. It needs 28 votes to pass, so it’s still 9 short. Someone counted it as 10 short last week, so there’s been barely any movement.
So here’s the story right now: the main course hasn’t even been served, but first they’ve brought out a plate of patches for the kitchen—and then the army starts shouting, “Institutions are coming on-chain to borrow XRP!” XRP is down around 15% this month, hovering near 1.25. Thinking a bug-fix amendment will send it soaring is wishful thinking.
To be fair, validators taking their time to vote on the lending protocol itself isn’t a bad thing. Better to review the lending code carefully than have it go live and get drained. But most people using this as a reason to buy probably got in first and are waiting for you to take the other side.
#XRP #XRPL
