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Orma is a credit measurement, publication, and enforcement layer for XLS-65 lending vaults and XLS-66 loans on the XRP Ledger. It reads every vault from public ledger state — never from transaction metadata diffs — scores solvency across six independent dimensions, publishes those scores on-chain as native XLS-47 Oracle objects and inside each share token’s own metadata, and lets any independent third party gate vault deposits through XLS-70 credentials. The result is a credit signal that no single party controls and that the ledger itself enforces.
Orma runs entirely on XRPL Devnet (wss://s.devnet.rippletest.net:51233, network id 2). XLS-65 vaults and XLS-66 lending are not yet enabled on Mainnet, so the measurement and gating layers cannot be pointed at production assets today. XLS-47 Price Oracles and XLS-70 credentials are already live on Mainnet — those components have a production path; the vault underneath them does not.

Introduction

Learn why naive NAV reads 1.000000 when the held value is 0.803922, how the two manager levers work, and what Orma does about them.

Quickstart

Clone the repo, prove the toolchain, start the reader against four live Devnet facilities, and call your first API endpoint — all in under five minutes.

API Reference

Every route Orma serves, with request parameters, full JSON response shapes, and captured examples from live Devnet state.

Use Cases

Four worked cases: choosing between two managers, pricing a pledge of vault units, attracting capital by being measured, and gating deposits on-chain.

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How to get started

1

Start the reader

Clone the repository and run node src/index.mjs from the repo root. The reader auto-discovers the four baked Devnet facilities and starts polling each vault every four seconds. The API comes up on http://localhost:8787.
2

Call your first endpoint

Fetch the full vault list. Orma sorts results by gradeNumeric ascending — worst first — so the most dangerous facility surfaces at the top regardless of whether its manager has declared a loss yet.
3

Read the score

Pull the detailed valuation for any vault. The response includes both the naive NAV (what a metadata-diffing indexer would compute) and the held NAV (assets net of recognised loss, divided by units outstanding), plus a full notchTrace explaining every grade step.
4

Gate deposits (optional)

If you want to enforce a grade threshold at deposit time, check whether a vault is behind a permissioned domain. An independent vault owner can name Orma’s credential issuer in their domain; after that the ledger itself refuses deposits from uncredentialed accounts.