Launched in 2012, XRP Ledger is a blockchain network built by a team, some of whose members are also behind the popular cryptocurrency and blockchain company Ripple Labs.
The native token of XRP Ledger is XRP, which is the fifth largest cryptocurrency in the world with a market capitalization of $82.6 billion.
Related: XRP futures hit $63 billion since CME debut
What the May 27 update means on XRP Ledger
On May 8, the XRP Ledger Foundation announced on X that version 3.1.3 of the blockchain network is available.
It is a maintenance and bug fix update that does not require manual voting and an update itself is sufficient. The Foundation asked operators to update their nodes quickly.
The XRP Ledger shared more details about the update on May 14, which mentioned the amendment fixCleanup3_1_3.
This amendment includes fixes to non-fungible tokens (NFT), licensed domains, vaults, and lending protocol.
Sometimes expired NFT offerings remain stuck on the ledger even after they should disappear. The amendment automatically removes expired NFT bids, keeps the ledger cleaner, and prevents inconsistent NFT data. In simple words, the amendment cleans up ādeadā NFT offerings.
XRP Ledger is a popular financial network among institutions. It is building financial tools such as token vaults, treasury systems, and lending instruments. A bug allowed some withdrawals to bypass token limit checks.
The amendment imposes appropriate limits and ensures that financial security standards are strictly adhered to.
The XRP Ledger has also been developing a native lending infrastructure, but some loan records were not updated properly, particularly during defaults or payments. The amendment corrects accounting errors so that loan balances are properly updated.
The Ledger had another bug: a failed transaction could accidentally modify restricted access settings. The amendment avoids that failure.
The mainnet update will be available on May 27.
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Why updating to version 3.1.3 on XRP Ledger is important
The XRP Ledger update to version 3.1.3 means a lot for the blockchain network because it means that the financial system is maturing beyond a simple payments system.
NFTs, tokenization, vault systems, institutional finance tools, lending infrastructure ā you name it, XRP Ledger is building it.
