Lending Protocol implementation XLS-66 #5270

ximinez · 2025-01-31T23:28:35Z

High Level Overview of Change

Implement the Lending Protocol as described in XLS-66

Context of Change

Type of Change

New feature (non-breaking change which adds functionality)
Refactor (non-breaking change that only restructures code)
Tests (you added tests for code that already exists, or your new feature included in this PR)

API Impact

Public API: New feature (new methods and/or new fields)
Public API: Breaking change (in general, breaking changes should only impact the next api_version)
libxrpl change (any change that may affect libxrpl or dependents of libxrpl)
Peer protocol change (must be backward compatible or bump the peer protocol version)

codecov · 2025-02-04T20:14:56Z

Codecov Report

❌ Patch coverage is 90.59544% with 169 lines in your changes missing coverage. Please review.
✅ Project coverage is 79.1%. Comparing base (3b446f1) to head (41c2409).

Files with missing lines	Patch %	Lines
src/xrpld/app/misc/LendingHelpers.h	77.0%	37 Missing ⚠️
...rc/xrpld/app/tx/detail/LoanBrokerCoverWithdraw.cpp	80.2%	22 Missing ⚠️
src/xrpld/app/tx/detail/InvariantCheck.cpp	90.5%	19 Missing ⚠️
src/xrpld/app/tx/detail/LoanSet.cpp	93.2%	14 Missing ⚠️
src/xrpld/app/tx/detail/LoanBrokerDelete.cpp	82.6%	12 Missing ⚠️
src/xrpld/app/tx/detail/LoanManage.cpp	94.3%	9 Missing ⚠️
src/xrpld/app/tx/detail/LoanPay.cpp	93.1%	8 Missing ⚠️
...rc/xrpld/app/tx/detail/LoanBrokerCoverClawback.cpp	95.0%	7 Missing ⚠️
src/xrpld/app/tx/detail/LoanDelete.cpp	88.5%	7 Missing ⚠️
src/xrpld/app/misc/detail/LendingHelpers.cpp	79.3%	6 Missing ⚠️
... and 8 more

Additional details and impacted files

@@                       Coverage Diff                       @@
##           ximinez/lending-refactoring-4   #5270     +/-   ##
===============================================================
+ Coverage                           78.8%   79.1%   +0.3%     
===============================================================
  Files                                814     837     +23     
  Lines                              71102   72716   +1614     
  Branches                            8359    8411     +52     
===============================================================
+ Hits                               56007   57493   +1486     
- Misses                             15095   15223    +128

Files with missing lines	Coverage Δ
include/xrpl/protocol/Indexes.h	`100.0% <100.0%> (ø)`
include/xrpl/protocol/Protocol.h	`100.0% <100.0%> (ø)`
include/xrpl/protocol/SField.h	`100.0% <ø> (ø)`
include/xrpl/protocol/STAmount.h	`95.8% <100.0%> (+0.3%)`	⬆️
include/xrpl/protocol/STObject.h	`93.1% <ø> (ø)`
include/xrpl/protocol/STTx.h	`100.0% <100.0%> (ø)`
include/xrpl/protocol/detail/ledger_entries.macro	`100.0% <100.0%> (ø)`
include/xrpl/protocol/detail/transactions.macro	`100.0% <100.0%> (ø)`
src/libxrpl/basics/Number.cpp	`99.5% <ø> (ø)`
src/libxrpl/protocol/Indexes.cpp	`97.0% <100.0%> (+0.1%)`	⬆️
... and 41 more

... and 12 files with indirect coverage changes

🚀 New features to boost your workflow:

❄️ Test Analytics: Detect flaky tests, report on failures, and find test suite problems.
📦 JS Bundle Analysis: Save yourself from yourself by tracking and limiting bundle sizes in JS merges.

- Clean up some of the payment parameters - Also factor out Payment::makeMPTDirectPayment for future use

- Not all tests are passing yet

- Low hanging fruit

…esult

* Unit tests for self lending

…to ximinez/lending-XLS-66 * XRPLF/ximinez/lending-refactoring-4: fixup! Rename Transactor preflight functions Rename Transactor preflight functions fixup! Make preflight1 and preflight2 private static Transactor functions Make preflight1 and preflight2 private static Transactor functions Fix formatting

gregtatcam · 2025-07-24T15:19:05Z

There are build errors in the latest commit:

/User/rippled/src/test/app/Loan_test.cpp:1816:25: error: use of undeclared identifier 'json'
1816 | createJson, json(sfCounterpartySignature, Json::objectValue));
| ^
/User/rippled/src/test/app/Loan_test.cpp:1829:25: error: use of undeclared identifier 'json'
1829 | createJson, json(sfCounterpartySignature, counterpartyJson));
| ^

ximinez · 2025-07-24T16:50:51Z

There are build errors in the latest commit:

/User/rippled/src/test/app/Loan_test.cpp:1816:25: error: use of undeclared identifier 'json' 1816 | createJson, json(sfCounterpartySignature, Json::objectValue)); | ^ /User/rippled/src/test/app/Loan_test.cpp:1829:25: error: use of undeclared identifier 'json' 1829 | createJson, json(sfCounterpartySignature, counterpartyJson)); | ^

Unity build strikes again. I'll have it fixed ASAP.

…f-lend

… to self-lend

dangell7 · 2025-07-27T05:31:20Z

include/xrpl/protocol/Indexes.h

+loan(uint256 const& loanBrokerID, std::uint32_t loanSeq) noexcept;
+
+inline Keylet
+loan(uint256 const& vaultKey)


This doesn't look right

dangell7 · 2025-07-27T05:31:38Z

include/xrpl/protocol/Indexes.h

+loanbroker(AccountID const& owner, std::uint32_t seq) noexcept;
+
+inline Keylet
+loanbroker(uint256 const& vaultKey)


This doesn't look right

gregtatcam · 2025-07-22T18:00:21Z

src/xrpld/app/tx/detail/LoanBrokerSet.cpp

+    }
+    else
+    {
+        auto const vaultID = tx[sfVaultID];


sfVaultID is also used on line 98. It makes sense to define vaultID at the start of the function and use it in both cases.

gregtatcam · 2025-07-22T19:02:06Z

src/xrpld/app/tx/detail/LoanBrokerDelete.cpp

+        adjustOwnerCount(view(), owner, -2, j_);
+    }
+
+    return tesSUCCESS;


Specifications has State Changes section describing the balances update by CoverAvailable. Why is this state change requirements not implemented?

gregtatcam · 2025-07-23T19:54:22Z

src/xrpld/app/tx/detail/LoanBrokerCoverWithdraw.cpp

+    auto const pseudoAccountID = sleBroker->at(sfAccount);
+
+    // Cannot send a frozen Asset
+    if (auto const ret = checkFrozen(ctx.view, pseudoAccountID, vaultAsset))


This returns tecFROZEN if lsfGlobalFreeze is set on the issuer's account for IOU. It returns tecLOCKED if MPTokenIssuance has lsfMPTLocked set. Therefore, the tx fails. But if destination account is the issuer account then withdraw should succeed. This is fail condition according to the specs:

The AccountRoot object of the Issuer has the lsfGlobalFreeze flag set and Destination is not the Issuer of the asset. The MPTokenIssuance object of the Vault(LoanBroker(LoanBrokerID).VaultID).Asset has the lsfMPTLocked flag set and Destination is not the Issuer of the asset.

gregtatcam · 2025-07-23T20:52:56Z

src/xrpld/app/tx/detail/LoanBrokerCoverWithdraw.cpp

+    }
+
+    // Transfer assets from pseudo-account to depositor.
+    return accountSend(


You've already made a payment of amount above from brokerPseudoID to dstAcct. What is this for?

gregtatcam · 2025-07-23T21:21:53Z

include/xrpl/protocol/detail/transactions.macro

+TRANSACTION(ttLOAN_BROKER_COVER_CLAWBACK, 78, LoanBrokerCoverClawback,
+    Delegation::delegatable,
+    noPriv, ({
+    {sfLoanBrokerID, soeOPTIONAL},


Why are these two fields optional? They are required according to the specs.

gregtatcam · 2025-07-28T14:24:50Z

src/xrpld/app/tx/detail/LoanBrokerSet.cpp

+*/
+//==============================================================================
+
+#include <xrpld/app/tx/detail/LoanBrokerSet.h>


There are quite a few unnecessary include files in every loan related transactor. I only mention it here as an example. The unnecessary includes are commented out:

#include <xrpld/app/tx/detail/LoanBrokerSet.h> // #include <xrpld/app/misc/LendingHelpers.h> //#include <xrpld/app/tx/detail/SignerEntries.h> //#include <xrpld/app/tx/detail/VaultCreate.h> #include <xrpld/ledger/ApplyView.h> #include <xrpld/ledger/View.h> #include <xrpl/basics/Log.h> #include <xrpl/basics/Number.h> //#include <xrpl/basics/chrono.h> //#include <xrpl/beast/utility/Journal.h> //#include <xrpl/beast/utility/instrumentation.h> //#include <xrpl/protocol/AccountID.h> //#include <xrpl/protocol/Feature.h> #include <xrpl/protocol/Indexes.h> //#include <xrpl/protocol/PublicKey.h> #include <xrpl/protocol/SField.h> //#include <xrpl/protocol/STAmount.h> //#include <xrpl/protocol/STNumber.h> //#include <xrpl/protocol/STObject.h> //#include <xrpl/protocol/STXChainBridge.h> #include <xrpl/protocol/TER.h> //#include <xrpl/protocol/TxFlags.h> //#include <xrpl/protocol/XRPAmount.h>

gregtatcam · 2025-07-28T14:49:35Z

src/xrpld/app/tx/detail/LoanSet.cpp

+    {
+        // Create the holding if it doesn't already exist (necessary for MPTs).
+        // The owner may have deleted their MPT / line at some point.
+        if (auto const ter = addEmptyHolding(


Why is this applicable only when originationFee is set?

gregtatcam · 2025-07-28T15:38:30Z

src/xrpld/app/tx/detail/LoanManage.cpp

+        return temINVALID;
+
+    // Flags are mutually exclusive
+    int numFlags = 0;


Can simplify:

auto const flags = ctx.tx[sfFlags]; if (flags & (flags - 1)) != 0) { JLOG(ctx.j.warn()) << "LoanManage: Only one of tfLoanDefault, tfLoanImpair, or " "tfLoanUnimpair can be set."; return temINVALID_FLAG; }

gregtatcam · 2025-07-28T17:06:14Z

src/xrpld/app/tx/detail/LoanManage.cpp

+                j_))
+            return ter;
+    }
+    if (tx.isFlag(tfLoanImpair))


The flags are mutually exclusive so should be else if here and below.

gregtatcam · 2025-07-28T17:33:56Z

src/xrpld/app/misc/detail/LendingHelpers.cpp

+        (365 * 24 * 60 * 60);
+}
+
+Number


Are there corresponding sections or formulas in the specifications for all of the functions here and in *cpp? It's not easy to verify without a reference. Comments pointing to a location in the specifications would be very helpful.

- See also #5572 / e7a7bb8

…to ximinez/lending-XLS-66 * XRPLF/ximinez/lending-refactoring-4: Build options cleanup (#5581) Updates Conan dependencies: Boost 1.86 (#5264) VaultWithdraw destination account bugfix (#5572)

ximinez force-pushed the ximinez/lending-XLS-66 branch 4 times, most recently from 1240135 to 6f5d1ad Compare February 4, 2025 19:35

ximinez force-pushed the ximinez/lending-XLS-66 branch 3 times, most recently from 27e4c4f to 2d209c4 Compare February 8, 2025 00:58

ximinez force-pushed the ximinez/lending-XLS-66 branch 5 times, most recently from e8fbd22 to a697138 Compare February 28, 2025 19:24

ximinez force-pushed the ximinez/lending-XLS-66 branch 7 times, most recently from 72d979e to 441d5b5 Compare March 17, 2025 20:23

ximinez changed the base branch from develop to ximinez/Bronek/vault March 17, 2025 22:52

ximinez force-pushed the ximinez/Bronek/vault branch from b1e091c to 2a8861d Compare March 19, 2025 00:44

ximinez force-pushed the ximinez/lending-XLS-66 branch 8 times, most recently from 5223459 to c7b296c Compare March 25, 2025 16:30

ximinez added 10 commits July 16, 2025 17:41

Get CoverWithdraw IOU payments working

6b42363

- Clean up some of the payment parameters - Also factor out Payment::makeMPTDirectPayment for future use

Support MPT payments via Payment tx for LBCoverWithdraw.Destination

e6e6360

TEMP: Change VaultWithdraw back so tests pass

e448056

Implement LoanBrokerCoverClawback and many test cases

c46d894

- Not all tests are passing yet

Merge branch 'develop' into ximinez/lending-XLS-66

577b047

Fix LoanBrokerCoverClawback tests?

03d253a

fixup! Fix LoanBrokerCoverClawback tests?

e1edd43

Add pseudo account type to injected data in RPC account_info result

f7aef49

- Low hanging fruit

fixup! Add pseudo account type to injected data in RPC account_info r…

ed00018

…esult

Merge branch 'develop' into ximinez/lending-XLS-66

e14ca4c

This was referenced Jul 22, 2025

Pre-lending protocol refactoring 1: Misc #5590

Open

Pre-lending protocol refactoring 2: STParsedJSON #5591

Open

Pre-lending protocol refactoring 3: Transactors #5592

Open

Pre-lending protocol refactoring 4: Transactor extra signing support #5594

Open

ximinez added 2 commits July 22, 2025 14:06

Fix build error

4550d2b

Merge branch 'develop' into ximinez/lending-XLS-66

2f3c798

ximinez changed the base branch from develop to ximinez/lending-refactoring-4 July 23, 2025 16:07

Fix divide by 0 error on 0-interest loans; allow broker to self-lend

1e74626

* Unit tests for self lending

ximinez force-pushed the ximinez/lending-XLS-66 branch from 038b776 to 1e74626 Compare July 23, 2025 21:27

ximinez added 2 commits July 24, 2025 13:58

fixup! Fix divide by 0 error on 0-interest loans; allow broker to sel…

1adb410

…f-lend

fixup! fixup! Fix divide by 0 error on 0-interest loans; allow broker…

57c78c5

… to self-lend

ximinez force-pushed the ximinez/lending-XLS-66 branch from 91e0286 to 57c78c5 Compare July 24, 2025 19:08

Merge branch 'ximinez/lending-refactoring-4' into ximinez/lending-XLS-66

41c2409

dangell7 reviewed Jul 27, 2025

View reviewed changes

gregtatcam reviewed Jul 28, 2025

View reviewed changes

ximinez added 2 commits July 28, 2025 19:04

Check LoanBrokerCoverWithdraw Destination and DestinationTag fields

a2be55f

- See also #5572 / e7a7bb8

Merge remote-tracking branch 'XRPLF/ximinez/lending-refactoring-4' in…

6310b25

…to ximinez/lending-XLS-66 * XRPLF/ximinez/lending-refactoring-4: Build options cleanup (#5581) Updates Conan dependencies: Boost 1.86 (#5264) VaultWithdraw destination account bugfix (#5572)

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Lending Protocol implementation XLS-66 #5270

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Lending Protocol implementation XLS-66 #5270

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High Level Overview of Change

Context of Change

Type of Change

API Impact

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gregtatcam commented Jul 24, 2025

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ximinez commented Jan 31, 2025 •

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