Launched in 2012, XRP Ledger is a blockchain network built by a team, some of whose members are also behind the popular crypto and blockchain company Ripple Labs.

The XRP Ledger’s native token is XRP, which is the world’s fifth-largest cryptocurrency with a market capitalization of $82.6 billion.

Related: XRP futures hit $63 billion since CME debut

What May 27 upgrade on XRP Ledger means

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 upgrade that requires no manual voting, and an upgrade itself is enough. The Foundation asked operators to upgrade their nodes quickly.

The XRP Ledger shared more details on the upgrade on May 14, which mentioned the fixCleanup3_1_3 amendment.

This amendment carries fixes across non-fungible tokens (NFTs), permissioned domains, vaults, and the lending protocol.

Sometimes, expired NFT offers remain stuck on the ledger even after they should disappear. The amendment automatically removes expired NFT offers, keeps the ledger cleaner, and prevents inconsistent NFT data. In simple words, the amendment cleans up “dead” NFT offers.

The XRP Ledger is a financial network popular among institutions. It is building financial tools like token vaults, treasury systems, and lending instruments. A bug allowed some withdrawals to bypass token-limit checks.

The amendment enforces proper limits and ensures financial security rules are strictly upheld.

The XRP Ledger has also been developing a native lending infrastructure, but some loan records didn’t update properly, particularly during defaults or repayments. The amendment fixes bookkeeping errors so that loan balances are properly updated.

The Ledger had another bug in that a failed transaction could accidentally modify restricted-access settings. The amendment prevents that failure.

The mainnet upgrade goes live on May 27.

Trending on TheStreet Roundtable: Why version 3.1.3 upgrade on XRP Ledger matters

The XRP Ledger upgrading to version 3.1.3 means a lot to the blockchain network because it means the financial system is maturing beyond a simple payments system.

NFTs, tokenization, vault systems, institutional finance tools, lending infrastructure—you name it, the XRP Ledger is building it.